Full text of Commercial and Financial Chronicle : April 21, 1934, Vol. 138, [No. 3591]

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The Financial Situation
HE past week has brought considerable clarifiT
cation of the legislative situation in Washington,
although the outlook in several directions is still

even any substitute measure will be enacted seems
very doubtful, despite optimistic statements by ite
sponsor. The tariff bill is expected to meet some•
shrouded with substantial uncertainty. The situation what greater opposition in the Senate, but there is no
as thus revealed is probably about as favorable as apparent reason to expect it to fail. There were rethe business community had any right, a week ago, ports toward the end of the week to the effect that
to expect. It nonetheless leaves a good deal to be the President would at an early date send a message
desired. Washington dispatches seem to make it to Congress having to do with the War Debts, but it
clear that the President is determined to prevent is hardly probable that he will ask Congress to reduce
any very drastic new silver legislation this session if these obligations or to grant him authority to do so—
he can. On the other hand, there are many who or that he would get either if he did ask for them.
are uneasy lest he feel himself obliged to promise
Specific predictions as to what Congress will do are
Congress to exercise in some part, at least, the extraordinarily hazardous in the existing circumstanextended powers in respect
ces, but the chances now
of silver now enjoyed by
seem definitely to favor
him. Neither the real
the enactment of a Stock
The Gold Standard and Financial
status of this matter nor
Exchange Control measure
Rehabilitation
the attitude of the Presiwith a good many more
An academic authority in a public
dent in regard to the
teeth
in it than Wall Street
address the other day urged "generous
Senate amendments to the
would prefer. The latest
co-operation" on the part of the American
Government in the re-establishment of
Tax Bill were, however,
advices from Washington
"a workable international gold standard"
clear at the close of the
that the final draft
suggest
as a first step in world financial rehabiliweek.
of the measure will carry
tation.
Meanwhile, persistent
margin limitations fixed by
The learned professor is doubtless too
well versed in such subjects not fully to
weakness in some of the
law, but will also carry
realize that no such objective can in the
important commodities
rates and other arrangenature of the case be reached if attention
markets, notably wheat,
ments more liberal than
is confined to banking or monetary
was viewed by thoughtful
mechanisms.
seemed likely two or three
The reason that the gold standard in its
observers as strengthening
weeks ago. The plan for
conventional form has not proved "workthe hands of the inflationorganization of a sepathe
able" during the post-war period, particuists in and outside of Conrate commission to adminlarly during the past few years, is to be
gress. The movement to
found not so much in that standard itself
ister the law—and possibly
as in the industrial and trade conditions
have the Government pay
sooner or later the Securiin which it has been called upon to funcoff depositors who have
ties Act of 1933—is retion.
"frozen" deposits in failed
ported in the press to be
The best, if not the only, way to make
banks continued to show
the gold standard work in the future is to
scheduled for adoption.
create international economic relations
some strength, even at the
While the commission so
and promote domestic business policies in
close of the week. Disenvisaged
is not the sort of
which any rational credit or monetary
patches to the effect that
body suggested by the local
mechanism can be expected to function
effectively.
Administration officials
Stock Exchange authoriViewed in this way,the re-establishment
were at work on the subties, it is preferred in the
of a workable gold standard not only
ject seemed to indicate
district to the
financial
would be the first step in world financial
that the President was conFederal Trade Commission
rehabilitation, but would furnish a valid
basis for sound and permanent recovery.
sidering what could reasonas the administrating body.
ably be done under existing
The highly important
legislation to take the edge
provisions placing many
off the demand for outright and full payment of all groups in the financial community under heavy
such depositors at the expense of the taxpayers of civil liabilities have been modified substantially in
the country. It seems to be certain that the Presi- the course of time and appreciably softened. They
dent is opposed to all such plans, which would with- are, however,still present, and still impose the burden
out doubt be extremely expensive to the public of proof of innocence or fair dealing upon the detreasury. As Secretary Morgenthau himself said the fendant. With each succeeding draft the general
other day, these deposits in substantial part are not authority of the administrative body has been broad"frozen"; they are lost, no assets of real value re- ened as specific provisions of law have been eliminated
maining behind them.
or modified. In this respect the proposed Act has
taken on somewhat more of the character of the
The Wagner Bill
recommendations of the so-called Dickinson ComEPORTS vary somewhat concerning the once mittee. On the whole, the measure in the form in
much dreaded Wagner bill. But in view of the which it now appears very likely to become law is to
terms under which the automobile strike was settled be preferred to the original draft and probably to the
some weeks ago,it is difficult to see how the President draft which the President, just before leaving for his
can consistently lend his support to the Wagner bill vacation, told Congress embodied about the miniin any form closely approximating its original draft. mum of control and regulation that ought to be
Without Presidential support, no such measure is enacted at this session. It is, however, still a rather
likely to become law during this session. Whether "large order."

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2626

April 21 1934

been, or are being, organized throughout the country,
instructions
have been sent forward requesting local
HE outlook for substantial modification of the
groups to report clear-cut cases of violation to
Securities Act of 1933 appears at this moment to
respective District Attorneys, and the National Rebe somewhat less bright than many thought it was
covery Administration staff at headquarters in
ten days ago. The impression is gained from WashWashington has been drastically reorganized preington dispatches that the door has not been closed
sumably for the purpose of giving more effective
to any amendment to this statute, although in the
attention to the new kind of work that is expected
confusion and the urgent desire to have Congress
of it. Apparently industry and trade are to get a
adjourn it may become so. But what is said to be
real taste of the medicine they have prepared for
most probable is that certain amendments which
themselves or which has been prepared for them by
have been prepared in Administration circles will
public officials. A few industries have already had
presently be recommended by the President and
opportunity to see how they like it. But from this
adopted. As to just what these will be it is difficult
time forward experience of this sort is apparently
at this time to form a very concrete opinion, but
to be gained rapidly.
appearances suggest that they will in some degree
Verdict of Experience
mitigate the rigors of the liability provisions of the
existing law. There is, however, a dearth of evidence
What is likely to be the verdict of this experience,
that these plans call for the more drastic and basic and what the effect upon our economic system of
the
amendment that the financial community believes practical operation of these codes and related indesirable, not to say essential.
struments? In order to lay a basis for individual
The situatiOn as a whole is thus seen to be still
judgment concerning such questions, it is well to
in doubt at many points. In others, it is to be prepass in review before the mind's eye some of the
ferred to that existing a month ago. Probably the
essential characteristics of this new system. At the
financial community never had good reason to expect
very outset, let it be definitely understood that we
more.
have undertaken a program that no other country
NRA Problems
of the earth not under the iron hand of an effective
HE immediate urgency of several highly im- dictator or the equivalent has ever attempted. Outportant legislative questions during the past side of Italy under the Fascist regime, Russia under
week or ten days has served to draw the attention of the Soviet Government, and possibly Germany under
the public away from a number of fundamental prob- Hitler, the nearest equivalent of the system we have
lems that the progress of the National Recovery Ad- installed is that of the cartels in Germany. But the
ministration to date ought to bring into the acute German Government (prior to Hitler) except for a
consciousness of the American people. The warning few industries such as coal and potash during and
of a group of well known Columbia University immediately after the war, never undertook to oblige
professors a few days ago that higher prices being industry to enter into cartel agreements, and never
induced by the operations of the sundry codes and accepted the responsibility of enforcing such agreeother agreements under the National Industrial Re- ments except as contracts voluntarily entered into
covery Act are not to be accepted as indications of by business men are normally enforceable in court.
returning prosperity may, and in some quarters The coal and potash arrangements soon proved undoubtless will, fall on deaf ears. The ruling of a workable and the Government largely retired from
Federal District Court during the past week affirm- the field. Generally speaking, the industrial selfing the power under the law of trade groups to control exercised in that country was a privilege
regulate in considerable detail the business of mem- granted to business, not a duty imposed upon it by
bers of the trade whether or not—for all practical law.
purposes—such members have entered into any
Under our existing system any group thought
agreements in the matter, may well, because of con- reasonably representative of an industry may formuditions existing in the particular industry there in late a code which, when finally approved by the
question, receive popular approval and be forgotten. President, has the force of law in respect not only
Yet unless common sense has ceased to be any guide, of those signing it, but also of those not a party to
the American people are destined to learn by actual it. In addition the President has power to write
experience in the months to come that the arrange- codes for industries which do not come forward of
ments now set up under the National Industrial Re- their own accord, or which are unable to agree among
covery Act simply cannot be taken for granted in themselves. At the moment the President, as a
the off-hand manner now prevailing. These codes means of enforcement of any arrangement he may
and similar agreements could not be more effectively think proper, can license any industry. Starting
designed when once in actual operation to thrust originally from a position of insisting upon extreme
into the foreground of our thought certain age-old laissez faire in all such matters, at least as far as
problems that have not by any means as yet been the content of our laws is concerned, we have now
solved.
gone far beyond anything any Government of our
It has been announced with solemnity in Washing- general type has ever before undertaken in limiting
ton that while the National Recovery Administra- individual freedom of action in 'business enterprise.
tion to this date has been engaged almost exclusively
Price Fixing
in the formulation and imposition of codes of fair
Now, practically all these codes have provisions
competition and other agreements of a similar sort,
in
them which are intended to control prices, and
from
this
time
forward
turn
its
attention
must
it
primarily to the enforcement of the several hundred many of them undertake to limit or otherwise consuch accords now in effect in 'branches of business trol production. At least one of them goes so far as
ranging from mop'handle manufacturers to the giant to grant the organization set up to control the insteel industry. Enforcement groups have lately dustry power to prevent additions to productive
The Securities Act

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equipment. Let us not deceive ourselves in these
matters. In one degree or another, and to one extent or another, a great many industries in this
country were actively engaged in co-operative effort
of this general sort long before the National Industrial Recovery Act was ever thought of, and indeed
long before the so-called New Era with its allegedly
endless prosperity finally and decisively came to an
end in 1929. The Federal Trade Commission itself
had for years prior to the inauguration of the present
regime in Washington been actively pushing forward the program of codes of ethics, and fair trade
practice conferences as they were then called. The
Department of Justice in conjunction with the Department of Commerce had worked out a system
under President Coolidge for conferring in advance
with business executives wishing to undertake cooperative procedures likely to run afoul of the antitrust laws, and during the later days of President
Coolidge's second term of office, a technique had
developed by which a good many transactions designed to do a substantial part of what the NRA
codes are now undertaking to do gained assurances
from the law enforcing authorities that they were
not likely to be interfered with. Certain elements
in Congress, however, became deeply dissatisfied
with the practices thus described, and the Department of Justice under President Hoover, by no
means satisfied that the procedure was in accord
with law, undertook a much more rigorous enforcement program.
Earlier Efforts Collapse
Partly due to the greater activity of the Department of Justice, but partly also as a result of the
natural forces of competition in times of depression
and failing markets, many if not most of these arrangements broke down in actual practice. Not
only did demoralized conditions develop on a wide
scale, but a number of old abuses, such as the sweatshops, re-appeared in re-invigorated form. It was
at this stage and with this historical background
that the idea of the present-day codes sprang into
existence. It was because of the popular support
of any movement designed to eliminate social abuses
that had come to such vigorous life in our midst, and
the support within industry itself of the idea of
combinations for the purpose of joint control of
prices and production that the program was able to
move forward with such vigor. At some stage during its existence, of course, there was grafted upon
it the thought that the mechanism thus brought into
being could be used to advance wages as a means
of promoting prosperity, and (at times at least) that
it could likewise be employed to raise prices—a consummation at one time considered the keystone of
the arch of recovery. But at no time has the public,
or, so far as can be inferred, public officials for that
matter, ever paused in the mad rush of events to
give serious and dispassionate thought to the implications of all this. The time is now most opportune for such consideration.
Fuadamental Questions
Several questions come at once to mind. The
first is: Are we not in a good many industries
running a serious danger of creating for ourselves
another prohibition enforcement problem? It is a
commonplace in Germany, with its long experience
with cartels, that industries composed of many small
enterprises widely scattered over large geographical




2627

areas, or devoting themselves to the production or
sale of non-standardized products, are not well
adapted to effective self-discipline. Indeed, in that
country it has never been possible to build effective
cartels in such industries or trades. Yet we have
gone blithely ahead with an undertaking not only to
organize them, but to make the Government an active
party to their enforcement. There is real danger
that the law in many instances will presently become a mockery.
On the other hand, there is plenty of historical
evidence to support belief that industries dominated
by a relatively few large producers of relatively
highly standardized products can be effective, at
least for considerable periods of time, in jointly controlling production and prices. They doubtless can
be the more effective in doing so when they have the
Government as an:actually'supporting agency. What
in these arrangements is termed "fair competition"
of course used to be viewed as "restraint of trade"
and as such was condemned by law. Has it now
become wise to nurture monopoly?
It is all very well for reformers to talk glibly
about the wastes of competition. There are plenty
of them. Let the theoricians assert that in modern
industry with its enormous overhead, profit, or the
lack of it, does not act with the usually assumed
effectiveness as an automatic regulator of production. There is substantial truth in such statements.
But after all, not even half the story is thus told.
Along with all its shortcomings, the older system
possessed certain qualities of ruggedness, and
carried incentives, not to say compulsions, to efficiency, which appear plainly to be lacking in any of
the substitutes we have now devised. Moreover we
are plainly unprepared to protect the consumer from
oppression. There is no reason to suppose that we
should in the long run fare better for the adoption
of contracts that probably cannot be enforced and
may result only in friction and injustice, or for the
formulation of agreements that largely eliminate the
competition which has been the hand-maiden of our
successful industrial development of the past. On
the contrary all history plainly teaches that there
is much hazard in both.
Another Aspect
But there is another aspect of this situation that
deserves very careful thought. These code authorities are usually dominated by the larger, more
powerful and aggressive elements in the trades to
which they relate. Not infrequently only a portion
of a given trade or industry is primarily responsible
for the formulation of the code—and largely for the
personnel of the managing organization under it.
A majority of this section is effective in these decisions. The net result is that an industry may in
extraordinary degree come under almost complete
control of a group really representing a relatively
small section of it. In any event, it is usually true
that the larger enterprises and interests dominate
both the code making and the code administration.
That almost limitless opportunity is thus afforded
for discrimination is evident. In existing circumstances, it would be an almost super-human task for
Governmental authorities effectively to guard
against evils of this sort, no matter how consciencious or how capable.
No enlightened business man is likely to complain
of the introduction of any new system or plan by

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Financial Chronicle

which the old order can be improved. But we of
course ought to be certain that such changes really
are likely to improve the situation. Under existing
arrangements it would appear that minorities and
the less well represented groups in business, and the
consumer, are destined to suffer severely if great
care is not exercised in preventing it, while the
whole structure of society may be weakened by a
further courting of disregard for laws which in the
nature of the case cannot be effectively enforced.
These, no doubt, are rather strong words, but the
situation seems to require them. We have now
reached the stage where all these matters ought to
have the attention they deserve. We shall probably
not escape the necessity of thinking seriously about
them during the coming half-year.
The Federal Reserve Bank Statement
IPLE indication again is afforded in the current
combined condition statement of the 12 Federal Reserve banks that the Treasury is determined
to push relentlessly the expansion of credit resources
in the country, regardless of its effect, actual and
potential. Utilization of the so-called gold profit
which resulted from devaluation of the dollar was
pushed on a large scale in the week covered by the
statement, apparently in order to offset Treasury
requirements for the redemption in cash on April 16
of the portion of called Fourth Liberty 4/
1
4% bonds
4%
that was not converted into new long-term 31/
bonds. The Treasury deposited or sold to the Federal Reserve banks $90,142,000 of the new gold certificates which now represent the interest of the
Reserve System in the monetary gold of the country.
But the net gain in gold stocks was only $14,000,000,
and utilization of the "free gold" thus indicated
naturally resulted in a further rapid increase of
the reserves of member banks with the system. The
deposits of member banks on reserve account advanced $109,152,000 in the week, and the excess
reserves now have reached the alarming and altogether unprecedented figure of $1,600,000,000. There
could hardly be a more open and direct stimulation
to the reckless use of credit than is applied by the
Treasury in its present policy.
In these circumstances it is only necessary to call
attention to the announcement on Thursday by the
American Acceptance Council of a new and extraordinarily low level of yield rates on prime bankers'
acceptances. The rates for instruments maturing
up to 90 days are only 14% bid and 3/16% asked,
while longer datings show returns that also are not
likely to pay much more than the costs of bookkeeping and other incidentals. In Chicago a movement
was reported yesterday for reducing interest payments on thrift accounts in banks. The Treasury
itself is one of the chief beneficiaries of the policy
of extreme credit ease, as it is enabled thereby to
borrow against the emissions of short-dated discount
bills at rates that are purely nominal.
The increase in gold certificates brought the total
of such holdings by the Federal Reserve banks up to
$4,476,979,000 April 18 from the former level of
$4,386,837,000 April 11. The member banks, as a
matter of course, are continuing their reductions of
borrowing, the discounts falling on April 18 to $40,473,000 from $43,251,000 on April 11. Federal Reserve bank holdings of bankers' acceptances again
declined, the aggregate being only $13,499,000 in
the current statement, against $17,059,000 a week

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April 21 1934

earlier. Holdings of United States Government
securities were down slightly to $2,430,264,000 from
$2,431,979,000, but the decrease of $1,715,000 appears
to represent only incidental shifting of the various
types of obligations, occasioned by the Treasury's
conversion operations. Bonds were down to $406,277,000 April 18 from the total of $431,225,000 on
April 11, which suggests sales of Fourth Liberty
4/
1
4% called bonds in the open market before the
redemption date of April 15. Certifkates and bills
also receded somewhat, but Treasury note holdings
increased to $1,207,603,000 this week from $1,179,906,000 last week, and this increase offset almost
entirely the declines in holdings of other types of
Federal Government obligations.
Member bank reserve balances moved up to $3,669,177,000 on April 18 against $3,560,025,000 on
April 11. There was also some increase in Treasury
deposits and other deposits, so that the total deposits advanced to $3,900,897,000 from $3,737,748,000. Federal Reserve notes in actual circulation
increased $4,000,000 to $3,029,647,000 from $3,025,812,000, but the net circulation of Federal Reserve
bank notes provided an offset, as these notes dropped
to $83,102,000 from $88,336,000. Payment was made
by the Federal Reserve banks of the second and final
instalment of the subscription to Federal Deposit
Insurance Corporation stock, and this item of $69,649,000 was carried to reserves. The increase in
deposit liabilities exceeded the acquisition of new
gold certificates, and as note liabilities were not
greatly changed the ratio of total reserves to deposit and Federal Reserve note liabilities combined
declined slightly to 68.3% on April 18 from 68.7%
on April 11.
Annual Report of Southern Railway Co.
HE annual report of the Southern Railway Co.
for the calendar year 1933 must be considered
as favorable in spite of the fact that the company
failed to earn its fixed charges in the amount of$734.799.96. The prolonged business depression which
played a part in greatly reducing revenues reached
its nadir in March of last year, when trade and
industry were at a virtual standstill owing to the
suspension of banking by order of the President.
Some improvement in business was evidenced during part of the year, with the result that the freight
revenue of the Southern Railway Co. for the calendar year increased by $4,160,711 over 1932. The
extent of the decline in business is reflected in the
total operating revenue of $76,148,103, which represents a decrease of $67,035,845, or 47%, compared
with 1929. Nevertheless, this great railway system's
gross revenue, which had been steadily shrinking
since 1929, is able to show an upward turn, the 1933
figures having increased over 1932 to the extent of
$3,161,561, or 4.33%. This betterment in the gross
earnings has been due, as stated above, to improvement in general business conditions, as passenger
revenue for 1933 declined 12.03% under 1932. On
Dec. 1 1933 the company put into effect reduced
passenger fares for an experimental period of six
months. Although the effect of the reduction in
the fares is not shown in the 1933 report, the company early this month, in asking permission of the
Inter-State Commerce Commission to extend the
reduced rates to Dec.31 1934, stated that the results
obtained from its reduced passenger fares represent
the "first ray of sunshine on the railroad passenger

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horizon" in a long period. Curtailment of operating expenses was continued throughout the year in
line with traffic volume and service requirements. Total operating expenses were $53,705,409,
a decrease of $7,159,630, or 11.8%, this decrease
being principally in maintenance of equipment of
$3,196,435, maintenance of way and structure of
$2,178,237,and transportation expenses of$1,143,632.
For the third successive year (this also being the
third time in the company's entire history) there was
an income deficit, amounting to $734,800 for 1933,
as compared with deficits of $11,218,507 for 1932
and of $5,922,842 for 1931. Although the company
reported, as stated above, that it failed to earn its
fixed charges by $734,800, the fact remains, however,
that the improvement over 1932 is of huge proportions, as the company in that year failed to earn
fixed charges by $11,218,507.
That a railroad system so strongly located as the
Southern Railway System and 60 superbly administered should have sustained such enormous loss in
the brief space of three years bears testimony to
the depth of the business depression under which
the country has been laboring and of its widespread
character. No one can prophesy what the outcome
for the current calendar year will be, but at least
some favorable features are already noticeable.
Passenger revenues for the months of January and
February 1934 show increases of 10.75% and 18.55%
over the corresponding months of 1933, while freight
revenues also show increases for both months.
The New York Stock Market
LTHOUGH quiet conditions prevailed this week
on the New York stock market, the trend of
prices was generally 'higher on demand for almost
all leading groups of shares. There was much to
contend with in the way of sharp recessions in grain
prices and threats of unfavorable legislation in Washington, and at times the market proved quite irregular. But such movements usually gave way quickly
to a resumption of the advance, which appears to
have been based largely on reports of business improvement and the expectation of new gains in trade.
At the start of the week, the stock market was unsettled along with other markets, and losses in the
more volatile shares exceeded two points in some
instances. A firm tendency was established Tuesday, and the movement was extended Wednesday,
until profit-taking developed late that day. Net
gains were general on Wednesday, however, despite
the late liquidation. Nervousness was occasioned.
Thursday by developments in the grain markets, but
stocks had a good undertone and changes at the end
were small. In yesterday's dealings the upward
movement was resumed, with some issues in vigorous
demand. The turnover exceeded 1,500,000 shares
only on Wednesday and yesterday, other sessions
being exceedingly dull.
Performances in stocks were considered quite
cheerful, in view of the severe declines which developed at times in grains and cotton. Opposition
by President Roosevelt to inflationary silver legislation produced the unsettlement in commodities,
and silver naturally was affected by the incident.
In Monday's trading all grains receded to permissible limits, and the downward tendency was continued Tuesday. After an uncertain session Wednesday, in which cotton managed to make a little

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2629

progress, declines again developed on Thursday.
The tendency was somewhat better yesterday. Foreign exchange dealings reflected some uncertainty,
with the dollar weak at times in relation to sterling
and the gold currencies. The unsettlement in the
foreign exchanges was attributable to Congressional
consideration of measures for paying all sums lost
to depositors in closed banks.
In the bond market the tone was good at almost
all times,and activity was pronounced in all sessions.
United States Government securities were the outstanding exception to the general upward trend,
these issues receding slightly, because of the large
volume of undigested obligations resulting from the
successful conversion offering of last week. High
grade bonds were well maintained, and good advances were registered in a long list of speculative
bonds. A favorable earnings report of the American
Telephone & Telegraph Co., for the first quarter of
this year, aided the markets for stocks and bonds.
Significant of the industrial trend was an advance
in steel operations to 50.3% of capacity for the week
beginning April 16, the report of the American Iron
and Steel Institute for last week showing a rate
of 47.4%. Production of electric power in the entire country for the week ended April 14 was 1,642,187,000 kilowatt hours, according to the Edison Electric Institute, the figure for the preceding week
(April 7) having been 1,616,945,000 kilowatt hours.
Carloadings of revenue freight likewise reflected a
favorable trend, the American Railway Association
reporting loadings for the week ended April 14 of
578,837 cars, as compared with 557,887 cars, or an
increase of 3.8% over the preceding week.
Dividend declarations the present week were
again few in number and were mostly of a favorable
nature. Among the more prominent ones may be
mentioned the Minneapolis-Honeywell Regulator
Co., which on April 13 increased the dividend on its
no par common stock from 25c. a share to 50c. a
share, payable May 15; however, on Feb. 15 last a
quarterly dividend of 25c. a share and an extra dividend of like amount was paid on this issue. Harbison-Walker Refractories Co. on April 16 resumed
the dividend on its no par common stock by the declaration of 25c. a share, being payable June 1. This
is the first distribution to be made on the above issue
since March 1 1932, when 12/
1
2c. a share was paid.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed
yesterday at 753
/
4c. as against 851/
4c. the close on
Friday of last week. May corn at Chicago closed
4c. as against 47%c. the close on
yesterday at 441/
Friday of last week. May oats at Chicago closed
yesterday at 2734c. as against 30%c. the close on
Friday of last week. The spot price for cotton here
in New York closed yesterday at 11.80c. as against
12.05c. the close on Friday of last week. The spot
price for rubber yesterday was 12.37c. as against
12.08c. on Friday of last week. Domestic copper
was quoted yesterday at 8/
1
2c., the same as on Friday
of last week. Silver displayed a weaker tone, due
in part to the President's opposition to inflationary
silver legislation, and prices closed lower for the
week. In London the price yesterday was 197
/8 pence
per ounce as against 20 3/16 pence per ounce on
Friday of last week, and the New York quotation
yesterday was 45.70c. as against 44.60c. on Friday
of last week. In the matter of the foreign exchanges,

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Financial Chronicle

cable transfers on London .yesterday closed at
$5.173
/
4 as against $5.153
/
8 the close on Friday of
last week, while cable transfers on Paris closed
yesterday at 6.6634c. as against 6.60c. the close on
Friday of last week. On the New York Stock Exchange 222 stocks reached new high figures for the
year, while seven stocks touched new low levels.
On the New York Curb Exchange 116 stocks reached
new high levels for the year, while 16 stocks touched
new low points. Call loans on the New York Stock
Exchange again remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 501,160
shares; on Monday they were 1,290,650 shares; on
Tuesday, 944,275 shares; on Wednesday, 1,540,350
shares; on Thursday, 1,325,000 shares, and on Friday, 1,887,380 shares. On the New York Curb Exchange the sales last Saturday were 152,915 shares;
on Monday, 262,305 shares; on Tuesday, 245,455
shares; on Wednesday,360,625 shares; on Thursday,
355,030 shares, and on Friday, 346,106 shares.
As compared with Friday of last week, prices in
the main tended toward higher levels. General Electric closed yesterday at 23% against 22/
1
2on Friday
of last week; North American at 20 against 191/
4;
8 against 13; ConsoliStandard Gas & Elec. at 131/
dated Gas of N. Y. at 39 against 38; Pacific Gas &
Elec. at 197
/
8 against 19%; Columbia Gas & Elec. at
/
8; Electric Power & Light at 7%
16% against 155
against 71/
8; Public Service of N. J. at 39% against
38; J.I. Case Threshing Machine at 71 against 71%;
/
4 against 423
International Harvester at 421
/
8; Sears,
Roebuck & Co. at 50% against 49%; Montgomery
/
8; Coca-Cola "A" at
Ward & Co. at 31/
1
2 against 315
53/
1
2 bid against 53; Woolworth at 54% ex-div.
against 52%; Western Union Telegraph at 56
2 against 54½;
against 56½; Safeway Stores at 561/
American Tel. & Tel. at 123/
1
2 against 1201/
8; Amer1
2against 104; Commercial Solvents
ican Can at 104/
at 29 against 29%; Shattuck & Co. at 11/
1
2 against
12, and Corn Products at 767
/
8 against 773
/
4.
Allied Chemical & Dye closed yesterday at 152
1
2 on Friday of last week; Associated
against 150/
1
2 against 173
Dry Goods at 17/
/
8; E. I. du Pont de
1
2against 97; National Cash Register
Nemours at 98/
"A" at 20 against 19/
1
4;International Nickel at 27%
against 27%; Timken Roller Bearing at 35/
1
2against
4 against 58%; Gillette
35; Johns-Manville at 571/
1
4 against 10%; National Dairy
Safety Razor at 12/
Products at 17/
1
2 against 16; Texas Gulf Sulphur
at 37/
1
4 against 37; Freeport-Texas at 457
/8 against
5
/
s
;
United Gas Improvement at 161/
2 against 101/
45
4;
8; Continental
/
4 against 441/
National Biscuit at 441
Can at 83 against 82; Eastman Kodak at 95%
1
4;
against 91; Gold Dust Corp. at 22% against 21/
8 against 2134; Paramount
Standard Brands at 221/
1
4 against 5½; Westinghouse
Publix Corp. ctfs. at 5/
Elec.& Mfg. at 41% against 38%; Columbian Carbon
2; Reynolds Tobacco class B at
at 73% against 691/
/
2 against 17%;
/
8; Lorillard at 181
44% against 427
Liggett & Myers class B at 96 against 92%; Yellow
8 against 5%; Owens Glass at
/
Truck & Coach at 57
2; United States Industrial Alcohol
88% against 881/
1
2; Canada Dry at 28 against 26%;
at 54 against 53/
4 against 30%; Crown
National Distillers at 303
1
2, and Mengel & Co.
Cork & Seal at 33 against 30/
4.
8 against 91/
at 97
/
The steel shares for the most part show slight
fractional gains for the week. United States Steel
4 against 52 on Friday of
closed yesterday at 521/




April 21 1934

last week; United States Steel pref. at 96 against
8 against 42/
78, and
967
/
8; Bethlehem Steel at 431/
Vanadium at 273
/
8 against 27. In the motor group,
with a few exceptions, prices continue to show declines for the week. Auburn Auto closed yesterday
at 43/
1
4 against 51% on Friday of last week; General
2; Nash Motors at 24/
1
2
Motors at 39/
1
4 against 381/
8 against 537
against 24½; Chrysler at 541/
/8;Packard
1
2; Hupp Motors at 51/
8
Motors at 5% against 5/
/
8 against
against 5/
1
2, and Hudson Motor Car at 203
20%. In the rubber group, Goodyear Tire & Rubber
1
4 against 36/
1
2 on Friday of
closed yesterday at 37/
1
2against 16/
1
2, and
last week; B. F. Goodrich at 17/
1
2 against 20/
1
2.
United States Rubber at 23/
In the railroad list prices closed higher than a
week ago. Pennsylvania RR. closed yesterday at 36
8 on Friday of last week; Atchison Toagainst 351/
peka & Santa Fe at 71% against 68%; Atlantic
Coast Line at 50 against 471/s bid; New York Central
1
4 against
8 against 36; Baltimore & Ohio at 30/
at 357
/
/8; Union Pa29%; New Haven at 19% against 187
1
2 against 130%; Missouri Pacific at 5
cific at 133/
against 47
/8 bid; Southern Pacific at 28% against
281%; Missouri-Kansas-Texas at 12% against 11%;
1
4 against 32½; Chesapeake
Southern Railway at 34/
/
8 against 47; Northern Pacific at 361/8
& Ohio at 477
against 33%; Chicago Rock Island & Pacific at 4%
against 4/
1
2 bid, and Great Northern at 30%
/
8.
against 287
The oil stocks closed fractionally lower for the
week. Standard Oil of N. J. dosed yesterday at 46
against 45% on Friday of last week; Standard Oil
1
4 against 37%, and Atlantic Refining
of Calif. at 37/
at 29/
1
2against 29%. In the copper group, Anaconda
8 against 163
4 on
Copper closed yesterday at 171/
Friday of last week; Kennecott Copper at 22 against
211/2; American Smelting & Refining at 4334 against
4 against 17½; Cerro de
45;Phelps Dodge at 173
Pasco Copper at 3634 against 37, and Calumet &
Hecla at 5% against 5%.
European" Stock'Markets
DRICES were irregular and dealings quiet in most
sessions of the current week on stock exchanges
in the leading European financial centers. There
was a flurry on the London Stock Exchange after the
budget speech by Chancellor of the Exchequer
Neville Chamberlain, as the income tax reduction
announced by the Chancellor created a very favorable
impression. But the higher prices established in the
early trading of Wednesday occasioned profit-taking
In the London market, and the desultory tone soon
was resumed. The Paris Bourse was generally firm
with rentes in keen demand at times, but on the
Berlin Boerse the dominant tendency was downward.
In London and Paris satisfaction was taken in the
increased gold reserves of the respective central
banks,but the German position shows no considerable
improvement. The whole question of international
currency matters remains unsettled, and concern regarding future developments is ever present to some
degree on the European markets. Trade indices, on
the other hand, remain favorable in a number of
important countries. The foreign trade returns of
Great Britain for March, published by the Board of
Trade, reflected an unusually large increase in British
exports for that month. Imports also advanced.
German foreign trade statistics for March showed
that the Reich again is exporting more than is imported, but the export surplus of 3,000,000 marks

Volume 138

Financial Chronicle

achieved for the month compares rather poorly with
the favorable balance of 64,000,000 marks in the same
month of last year.
The London Stock Exchange was dull in the
opening session of the week, as the impending budget
presentation acted as a brake on dealings. As usual
on such occasions, there was no tendency to increase
commitments. British funds were slightly lower,
while home rail stocks improved. Most of the
leading industrial stocks were soft, and international
securities also drifted lower. Formal dealings Tuesday were much of the same nature, but British funds
tended to improve a bit. British industrial issues and
international securities again sought lower levels.
The budget speech was made late Tuesday, and a
"street" market developed thereafter in which many
issues were bid up substantially. Trading on the
Stock Exchange was active on Wednesday morning,
with British funds materially improved. Motor
stocks were the feature of the industrial section, owing
to the decline of the registration tax, but most other
issues also showed gains. Home rail stocks were
improved at first, but unfavorable traffic returns
occasioned recessions in later dealings. International
securities improved on good overnight reports from
New York. The tone Thursday was generally cheerful, although British funds weakened after a firm
start. Home industrial stocks showed gains, and
renewed interest was taken in some of the African
gold mining stocks. The international section continued to improve. The tone yesterday was uncertain and recessions appeared in all 'groups. British
funds dipped slightly, while other issues showed
larger declines.
On the French Bourse a sharp rally marked the
initial dealings Monday, with attention centered on
rentes. This was due to the week-end announcement by the French Government of new reductions
in salaries of civil employees and curtailed payments
to war veterans. French railroad securities also
improved sharply, while other securities were mildly
better. The tone on Tuesday was again satisfactory,
but profit-taking developed and prevented prices
from rising to any great degree. Some issues of
rentes again closed with net gains, while French bank
and industrial stocks held their gains of the previous
day. The upswing in rentes was resumed on Wednesday, but some of the speculative stocks suffered as
holders liquidated with the intention of buying the
Government issues. Bank and railroad issues were
well maintained, but such securities as Suez Canal
shares receded sharply. The advance broadened in
Thursday's session on the Bourse, indicating a
speedy return of financial confidence owing to the
budgetary action by the Doumergue regime. Rentes
remained in greatest demand, but French equities
also were bought liberally and sizable gains in quotations were recorded. International stocks listed on
the Bourse tended to recede. Rentes again advanced
in yesterday's dealings, and small gains also were
recorded in other issues.
The Berlin Boerse started the week with a dull
session, in which declines predominated. Shares of
leading industrial units were off a point or two, while
bonds also displayed a weak tone. Trading was listless on Tuesday, and the tendency was again toward
lower levels. The Reichsbank statement showed a
further loss of gold and foreign exchange reserves, and
reduction of the note coverage to 6.8% was not comforting. Recessions in quotations for leading stocks




2631

were very small, however, and a few issues managed
to reflect small gains. A sharper decline developed
on the Boerse in Wednesday's dealings, with some
stocks showing losses up to 5 points. Issues of the
heavy industrial concerns were hard hit, and bonds
also were weak. Nervousness regarding the impending debt conference was said to be one of the chief
factors in the recession. A rally finally developed on
the German exchange on Thursday, but it was not of
a pronounced order. Small advances were recorded
in most of the heavy industrial stock, while electrical
issues and specialties were in great demand. The
gains did not extend to bonds,these securities remaining listless. Stocks again tended to advance in a
quiet session on the Boerse yesterday, but gains
were small.
Disarmament Problem
UROPEAN differences on armaments matters
E
again reached an acute stage this week, and all
informed observers now

concede readily that the aim
of actual reduction of armaments must be given up
as a hopelessly lost cause. A Government "White
Paper" was published in London Wednesday, which
contained notes received in preceding days from
the French and German Governments, as well as
the views of Premier Mussolini of Italy, as expressed to Captain Anthony Eden, Lord Privy Seal
in the British Cabinet. These documents furnish
conclusive proof, if further proof were needed, that
the current conversations on armaments among the
great Powers of Europe are nothing more than moves
in the old diplomatic game of affiances and counteralliances. The whole discussion is based not upon
disarmament, but upon rearmament for Germany
and security-guarantees (alliances) for France. The
pious utterances about disarmament sound rather
hollow in view of the actual course and intent of these
exchanges, but the diplomatic moves have at least
the redeeming feature of being carried on in the
open, whereas before the World War such arrangements usually were secret. The sessions of the General Disarmament Conference next month can hardly
be expected to accomplish very much in view of the
current situation. That Conference has been a
wearying and completely fruitless affair throughout
the 27 months that it has been in progress.
Unquestionably the most important document
disclosed at London on Wednesday was a French
reply to the British query as to the nature of the
guarantees desired by France, and the further query
as to whether the British draft disarmament convention would be acceptable as a basis of discussion if
such guarantees were forthcoming. Neither question
was answered directly by the French Government's
note, which was received in London early Wednesday.
Pointing to the recent German budget, which showed
increases of 352,000,000 marks for the various military services, the French note holds that Germany
is rearming in clear defiance of the Versailles Treaty.
Such figures prove, it is asserted, that the German
Government, "whether of set purpose or not, has
made impossible negotiations, the basis of which it
has by its own act destroyed." The old insistence
upon security is reiterated by France—"security
which, moreover, she does not separate from that
of other interested Powers." The French view that
the discussions should be continued at Geneva was
detailed in such fashion as to leave no doubt that
France considers the private exchanges between the

2632

Financial Chronicle

Powers at an end. Another bid for British support
is contained in the concluding statement that "the
French Government does not doubt that it will retain
at the forthcoming session the co-operation of the
British Government in the task of consolidating
peace by guarantees which general security demands."
A German statement in the White Paper leaves no
doubt of the desire of the Berlin Government for
an extensive measure of rearmament. A willingness
was expressed by.the Nazi Government to accept the
British arms memorandum of Jan. 29 as the basis for
discussion, "subject to a certain important modification." The modification consists of a demand for
earlier rearmament in the air than would be permitted
under the British plan. A system of adjustments
should be instituted after five years, so that at the
end of ten years Germany would attain full air
equality with other Powers, the German'statement
contended. The Nazi Storm Troops and other special forms of semi-military organizations could be
placed on a non-military basis, it was admitted, but
only reciprocally. But German return to the League
of Nations can only be dealt with after disarmament
matters, and above all, the question of equality of
rights, are settled. The White Paper also republished a statement by the Reich on the German budget for military requirements, which was first made
available on Monday. This was in answer to the
British inquiry as to the precise purpose of the increases in expenditures. The increased allocation of
funds to the army was due to the anticipated conversion of the Reichswehr (the regular army)into a shortservice army, it was explained. Larger naval expenditures were required for renovation of old units,
while increased air expenditures should be considered
not as an armaments matter, but as preparation for
the development of commercial aviation.
The summary of the Italian Government's views,
prepared by Captain Anthony Eden, is little more
than a restatement of many previous declarations by
Premier Mussolini. Under present conditions the
Italian Government is very doubtful of the possibility of inducing the armed Powers to disann. Accordingly, it was again suggested that Germany be
given the right to partial rearmament, while other
Powers are limited to their present forces. A force
of 300,000 men for the Reich, reformation of the
League of Nations and other changes are included in
the Italian plan.
After publication of these documents, there was
some anxiety in London. An Associated Press report on Thursday states that Europe is on the verge
of an unrestrained armaments race. Official circles
in the British capital were divided in their opinions
of the course of events. In some quarters it was
maintained that the Italian plan now offers the only
hope for some form of limitation, while others appeared to believe that British sentiment will favor
alignment with France and a system of guarantees
that would amount to a renewal of the defensive
alliance. French circles admit candidly, Paris reports indicate, that their aim is an alliance with
Great Britain. "The Cabinet, united in its flat
decision to stand pat against Germany's rearmament
demands, decided the next move for limitation of
arms must .come either from that nation or from
England," an Associated Press dispatch from Paris
said. Early in the week it was reported at Geneva
that the European countries which remained neutral




April 21 1934

in the World War now are tending to view with some
favor the French thesis of security by guarantees.
German Transfer Conference
ISCUSSIONS are to begin April 27, at the
Reichsbank, in Berlin, on the problem of transferring sums abroad to meet interest payments in
foreign currencies on the external long- and mediumterm debts of German municipalities, corporations
and banks. Official invitations to creditors' representatives in the United States, England, Holland,
Switzerland and Swedan were issued by Dr. Hjalmar
Schacht, President of the Reichsbank, last Saturday.
The conference promises to be long and difficult, and
it is quite possible that disagreement among the
representatives of the various creditor countries will
again result, as it did on previous occasions, in the
announcement of transfer terms by Dr. Schacht that
he considers suitable in view of all the conditions and
the expressed opinions. A preliminary conference of
creditors' representatives was held in Basle, Switzerland, early this month, with the aim of achieving a
common front at the Berlin meeting, but it is no
secret that the aim was not realized. The German
situation, moreover, has become steadily more precarious, with gold and foreign exchange holdings of
the Reichsbank furnishing only a slim backing for
note liabilities. In this situation it is already quite
clear that there is little hope of more than a further
temporary arrangement to meet the exigency,
although the prospective conference was originally
planned for the purpose of placing German external
debt service on a "contractual basis."
The many differences revealed in the Basle discussion have occasioned the suggestion for appointment of a neutral chairman at the forthcoming Berlin
meeting, a dispatch to the New York "Times"
remarks. Leon Fraser, President of the Bank for
International Settlements, has been suggested for
this office, it is added. The German viewpoint at
the conference is already well known, as Dr. Schacht
has taken occasion to emphasize the difficulties of his
country. He declared at Basle that a complete
transfer moratorium seems unavoidable under the
circumstances. "In announcing the date of the new
conference, Reichsbank authorities took the opportunity to reiterate their viewpoint on the transfer
question, as submitted by Dr. Schacht," a Berlin
report to the New York "Herald Tribune" said. It is
thought in Reichsbank circles, the dispatch adds,
that the Basle conversations have given international
banking authorities a better understanding of the
German position. In a Berlin report of Monday, to
the United Press, it was suggested that Dr. Schacht
may offer as an alternative to complete default a plan
for stimulating German exports and using part of the
increased foreign exchange thus made available to
meet interest payments in other currencies. The
remainder of the funds made available in this fashion,
it is indicated, might be used for purchases of raw
materials by Germany in other countries. The
Ministry of Economics, in Berlin, announced on
Wednesday a new series of foreign exchange regulations, applicable only to German nationals, and
designed to increase the supply of foreign currencies
at the Reichsbank.
British Budget
HANCELLOR of the Exchequer Neville Chamberlain presented before the. British House of
Commons Tuesday the budget of the National Gov-

D

C

Volume 138

Financial Chronicle

ernment for the fiscal year which began April 1.
The statement by the Chancellor reflects the first
move by any great Government, during the present
depression, toward lowering the heavy tax burdens
that are now universal, and in this respect it sets an
admirable example. Tax levies were reduced in a
number of important directions, and in addition Mr.
Chamberlain was able to announce restoration in
part of the salary cuts and all unemployment relief
payment reductions effected in recent years. Measures adopted by the Chancellor were much in accordance with the expectations aroused by the substantial budgetary surplus of the British fiscal year
ended March 31. As in former years, no provision
was made for any payment on debt account to the
United States Government, although large sums are
due to be paid in June and December under the debt
agreement. "Neither last year nor the year before
did I make any provision for the payment of the war
debts to America, nor for the receipt of war debts
or reparations by ourselves," the Chancellor explained. "In the absence of any fresh development,
I propose to follow precisely the same course this
year." In view of this declaration, it is generally
assumed that the British Government will again make
small token payments this year in acknowledgment
of the debts. Details of the British budget will be
found in our department "Current Events and Discussions."
Governmental Retrenchments
UMMARY action was taken in France and Italy
this week toward balancing the national budgets of those countries, while Soviet Russia also
found it advisable to curtail expenditures in some
directions. The French Government promulgated
a series of decrees, Monday, reducing soldiers' pensions and benefits by 1,200,000,000 francs a year,
and effecting other reductions of 2,800,000,000 francs
in the annual budget. Finance Minister GermainMartin issued the usual statement,in connection with
these decrees, that they would "assure a true balance
of the budget and guarantee the stability of the
franc." Some objections to pay cuts have been
made by civil servants, but so far they have not been
serious. The Italian Government announced measures, also effective Monday, which are expected to
go far toward eliminating the deficit of 3,000,000,000
to 4,000,000,000 lire in the budget of that country.
Salaries of State employees receiving more than 500
lire a month were reduced on a sliding scale of 20%
for highest paid officials to 6% on salaries down to
500 lire monthly. Compensating in part are enforced reductions in house rents in Italy, while a
number of measures for increasing revenues also were
enacted. The Soviet Government has formulated
a sweeping economy program calling for reductions
of 753,000,000 rubles in administrative expenses, the
money thus saved to be utilized in actual construction.

S

Haitian Financial Control
r a conference in Washington, Tuesday, between
President Roosevelt and President Stenio
Vincent, considerable progress was made toward that
final relinquishment of American control of Haitian
finances which both Governments desire. This
problem has been discussed on a number of occasions,
and it was made plain after conferences last year that
the United States Government would terminate its

A




2633

control with alacrity if a way could be found to protect
the holders of Haitian bonds sold in this country on
the understanding that the control would continue.
President Vincent went to Washington early last
week to renew the talks on this matter, and after
protracted conferences with State Department officials a meeting between the two Presidents was
arranged. The prospects are, a dispatch to the New
York Times said, that the fiscal control exercised by
the State Department will be ended before the last
United States marines are withdrawn next October.
In a joint statement issued by the two Presidents
after the meeting,it was indicated that Mr. Roosevelt
intends to request authority from Congress to make
a gift to Haiti of some of the Marine Corps material
which the Haitian Government feels would be useful to it. "We are both inclined to the belief," it
was added, "that the policy of the good neighbor
w'lich the Government of the United States is endeavoring to apply in its relations with the other
American republics will be signally manifested in the
results which will be obtained from this exchange of
views and from negotiations which are now taking
place with a view to a practical application of the
decisions reached in principle during our present conversations." The discussion, it was stated officially,
related to "the possibility of a commercial agreement
which would increase the flow of goods between the
two countries," while there was also discussed "a new
form of financial administration which is satisfactory
to our two Governments and which should be equally
satisfactory to the holders of the bonds of the 1922
loan." Washington dispatches indicated that the
basis of the discussion regarding the bonds was the
Leger plan, which provides for the exercise by the
National Bank of Haiti of the supervisory functions
now exercised by the American fiscal representative.
The National Bank of Haiti is controlled by the
National City Bank of New York, and it was reported
in Washington that sale of the institution to the
Haitian Government is under consideration.
Japanese Policy
HERE were some indications this week that
Japanese policy on the Asiatic mainland will be
devoted rather toward further encroachments on
Chinese territory than to conquest of the Maritime
Province of Siberia. Concentrations of Japanese
troops in Manchuria and railway extensions in the
Japanese puppet-State of Manchukuo gave the impression that the Tokio militarists were preparing
for ventures against the Soviets, and the Moscow
Government made no secret of its apprehensions.
But the war between Japan and Russia so widely
predicted for this Spring did not eventuate. Quite
possibly the answer to the puzzle of Japanese intentions thus posed is to be found in an astonishing
statement issued to the press by the Foreign Office
in Tokio, Wednesday.
Japan, it was indicated, would act "positively," if
necessary, in the application of her restated China
policy of responsibility for peace in the Far East.
The Foreign Office spokesman was reported in an
Associated Press dispatch as saying that if foreign
efforts to "disturb peace in Asia" were backed forcefully, then "Japan herself may be compelled to resort
to force." The Tokio Government will determine,
it was added, whether foreign attempts to aid China
imperilled peace and order in the Far East. Foreign
nations were urged to realize "that technical or

T

2634

Financial Chronicle

financial assistance to China must attain political
significance." Specifically, the statement indicated,
Japan will oppose such projects as the supplying of
China with warplanes, building of airdromes and
detailing military instructors or advisers to China, or
contracting a loan to provide funds for political
purposes. No official comments on the Japanese
declaration were available in Washington or London,
but it was indicated unofficially that the tendency is
considered in a very grave light in both capitals.
Chinese authorities in Geneva declared last week that
Japan plans to extend its conquest of Northern
China and consolidate Peiping and the surrounding
area with the new country of Manchukuo.‘
Wheat Conference
XPERTS from 15 countries concluded at Rome,
Tuesday, their protracted discussions on the
world wheat problem, and while the results are not
conclusive, they do permit of some mild hopes for
solution of the wheat surplus question in further
conferences. The conferees drew up a series of
recommendations to interested Governments and also
adopted a number of reports on specific aspects of
this matter. Foremost among the achievements is a
recommendation to the Governments regarding export prices of wheat. "This recommendation," an
official announcement said last Saturday,"is regarded
as supplementary to the provisions of the London
international wheat agreement, and not as lessening
in any degree the necessity for full observance of
both the letter and spirit of that agreement, with
particular reference to the adjustment of production.
In framing the recommendation, the Committee kept
in mind the desirability of avoiding, as far as possible,
interference with the machinery and practice of world
trade in wheat." Although the text of the recommendation was not disclosed, it was made known that
the 15 Governments are urged to act promptly and
place the price system in force before May 4, when
the wheat problem again will be considered in a further conference in London. Four men, with wide
powers, would be designated under the proposed
agreement to sit in London and control world movements of wheat. Quotas would be fixed by these men,
and prices raised or lowered in the various countries,
so far as exports are concerned, according to quota
shipments. Sales above or below the quotas would
govern the increase or reduction of prices.
The experts in Rome also busied themselves with
the drafting of a report setting forth in general terms
desirability of denaturing low grades of wheat to
render them unfit for human consumption, a dispatch
to the Associated Press states. It was contended that
the denaturing of such wheat would increase the
prices of higher grades, since the poorer wheat now
competes with the better product and lowers its price.
A report also was prepared on a French proposal that
wheat-exporting countries grant tariff concessions on
other products to importing countries in exchange
for guarantees that the importing States will curtail
production. The final session of the conference on
Tuesday was devoted largely to a consideration of
various proposals for curtailment of production, submitted by an American delegate, Frederick E.
Murphy,of Minneapolis. Reduction of wheat acreage
is a fundamental requirement of any plan for regulating wheat prices and eliminating surpluses, Mr.
Murphy contended. Three plans were submitted,
providing respectively for reductions of 14%, 25%

E




April 21 1934

and 35% of the 1933 plantings in the United States,
Canada, Argentina, Australia and the Danubian
countries. The experts praised this address, with the
exception of the Australian delegate, who was frank
enough to admit that his country would find it most
difficult to curtail the wheat acreage. Washington
reports have made it clear this week, moreover, that
new difficulties will be encountered at further conferences on the wheat problem. The United States
probably will request a considerable increase in its
wheat export quota over the figures arranged at the
London conference last year, it is indicated. This
can hardly be regarded as a promising development
when it is remembered that Russia refused to accept
any limitation, while Argentina and Australia joined
in the plan only with extreme reluctance.
Discount Rates of Foreign Central Banks
HERE have been no changes the present week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:

T

DISCOUNT RATES OF FOREIGN CENTRAL BANKS.

Country.
Austria__
Belgium.
._
Bulgaria__
Chile
Colombia__
Czechoslovakia____
Danzig_ _ _ _
Denmark _ _
England...
Estonia__
Finland__
France _ _ _ _
Germany - Greece
Holland _ _ _

Rate in
Effect
Dale
Apr.20 Established.

Prepious
Rate.

5
334
7
434
4

mac.23 1933
Jan. 13 1932
Jan. 3 1934
Aug. 23 1932
July 18 1933

6
234
8
534
5

314
4
234
2
534
434
3
4
7
214

Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept.30 1932
Oct. 13 1933
Sent. 18 1933

AX
5
3
254
614
5
234
5
734
3

Counts'y.

Rate in
Date
Effect
Apr.20 Established.

P.
oious
Rate.

Hungary—
AII Oct. 17 1932 5
India
334 Feb. 18 1933 4
Ireland__ _ _ 3
June 30 1932 334
3
Dec. 11 1933 334
Italy
365 July 3 1933 4.38
Japan
Java
434 Aug. 16 1933 5
Lithuania
6
Jan. 2 1934 7
Norway.- - 334 May 23 1933 4
Poland_ _ _ .. 5
Oct. 25 1933 8
Portugal— 554 Dec. 8 1933 6
Rumania _ 8
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 534
Sweden.... 234 Dec. 1 1933 8
Switzer and 2
Jan. 22 1931
yi

Foreign Money Rates
In London open market discounts for short bills
on Friday were y@15-16%, as against %@15-16%
on Friday of last week and 15-16@1% for three
months' bills, as against 15-16@1% on Friday of
last week. Money on call in London yesterday
was %%. At Paris the open market rate remains
at 23.17
0 and in Switzerland at 13/2%.
Bank of England Statement
HE Bank of England statement for the week
ended April 18 shows a loss of £85,132 in
bullion, bringing the total down to £192,076,257,
as compared with £184,834,947 a year ago. As this
was attended by a contraction of £3,253,000 in
circulation, reserves rose £3,168,000. Public deposits
decreased £1,473,000 while other deposits rose
£1,326,690. The latter consists of bankers' accounts,
which decreased £473,452, and other accounts, which
increased £1,800,142. The proportion of reserve to
liabilities moved up to 49.92% from 47.86% a week
ago; last year the ratio was 45.83%. Loans on
Government securities fell off £4,505,000 while
those on other securities expanded £1,197,584.
Other securities include discounts and advances,
which decreased £58,473, and securities, which rose
£1,256,057. The discount rate remains unchanged
at 2%. Below we furnish a comparison of the various
items for five years:

T

BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Apr. 18
1934.

API. 19
1933.

Apr.20
1932.

Apr. 22
1931.

P.
Ayr.23
1930.

£
£
£
£
E
373,993,000 376,122.995 854,271,157 348,444,248 382,184,405
Circulation
14,382,000 9.912,351 9,149,015 13,864,073 17.313.565
Public deposits
142,197,025 139,989,389 107,424,864 90,187,815 101,789,944
Other deposits
Bankers'accounts_ 103,388,348 103,975,618 72,839,657 54,784,701 68,010,758
Other accounts.... 38,808,877 36,013,751 34,585,207 35.403,114 35,779,188
79,498,738 75,201,127 57,605,906 30,949,684 58,052,629
Govt.securities
Other securities
16,570,564 23,661.762 34,480,345 32,481,730 17.078,488
Dint, ez advances. 5,375.078 11,829,557 11,197,845 5,981.876 6,804,492
11,195,486 11,832,205 23,282,500 28,499.854 10,273,978
Securities
Reserve notes dr coin 78,182,000 68,711,952 42,158,359 58,295,468 61,658,812
Coin and bullion
192,076,257 184,834,947 121,429,516 146,739,714 183,843,217
Proportion of reserve
49.92%
45.83%
to liabilities
36.16%
56.02%
51.76%
2.7,
2%
Bank rate
3V.
3t
31.011

Financial Chronicle

Volume 138

•

Bank of France Statement
The Bank of France statement for the week ended
April 13 shows another increase in gold holdings, the
current advance being 171,250,735 francs. The
Bank's gold now aggregates 74,978,196,828 francs,
as compared with 81,079,982,799 francs a year ago
and 77,065,006,078 francs two years ago. Credit
balances abroad and advances against securities
record decreases of 1,000,000 francs and 9,000,000
francs, while French commercial bills discounted
and creditor current accounts register increases of
33,000,000 francs and 730,000,000 francs, respectively. Notes in circulation reveal a contraction of
680,000,000 francs, bringing the total of notes outstanding down to 81,630,379,585 francs. Circulation last year aggregated 84,622,573,835 francs and
the year previous 81,827,133,740 francs. The proportion of gold on hand to sight liabilities now stands
at 77.53% as against 77.57% a year ago. Below
we furnish a comparison of the different items for
three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.

Apr. 13 1934. Apr. 141933. Apr. 151932.

Francs.
Francs.
Francs.
Francs.
+171,250,735 74,978,196,828 81,079,982,799 77.065,206,078
13,261,148 2,354,492,753 4,408,306.561
—1,000,000

Gold holdings
Credit bals. abroada French commercial
bills discounted.+33.000,000 5,314,319,125 3.513,631,190 3,693,232.435
b Bills bought abr'd No change.
1.056,678,350 1,528,392,409 8,143,741,626
Advs.against secure
—9,000,000 3,060,479,876 2,684,562,872 2,808.121.203
Note circulation- —680,000,000 81,630.379,585 84,622,573,835 81,827,133,740
Credit. curr. acc'ts. +730,000.000 15,081,670,974 19,908,884,984 27,802,944,355
Propor'n of gold on
hand to sight liab_
70.30%
77.57%
77.53%
+0.14%
a Includes bills purchased In France. b Includes bills discounted abroad.

Bank of Germany Statement
The Reichsbank's statement for the second quarter
of April shows a decline in gold and bullion of 4,308,000 marks. The total of gold is now 226,390,000
marks, which compares with 421,363,000 marks a
year ago and 859,786,000 marks two years ago.
Decreases appear in reserve in foreign currency of
4,255,000 marks, in bills of exchange and checks of
68,449,000 marks,in advances of 7,810,000 marks,in
investments of 20,429,000 marks, in other assets of
20,429,000 marks, in other daily maturing obligations of 42,020,000 marks and in other liabilities of
8,750,000 marks. Silver and other coin and notes on
other German banks register increases of 25,036,000
marks and 3,081,000 marks, respectively. The proportion of gold and foreign currency to note circulation now stands at 6.8%, as compared with 15.5%
a year ago. Notes in circulation reveal a loss of
46,368,000 marks, bringing the total of the item down
to 3,428,671,000 marks. Circulation a year ago
stood at 3,422,534,000 marks and the year before at
4,000,354,000 marks. A comparison of the various
items for three years appears below:

2635

excess reserves of member banks approximately
$1,600,000,000, acceptable bank paper was in keenest
possible demand. The American Acceptance Council recognized the situation in the bankers' bill market by announcing, Thursday, a general reduction
of yield rates on these instruments. The market
for such obligations lacked uniformity previously,
owing to the tendency of some dealers to quote lower
rates than the official ones on best names and
slightly higher rates on others. This tendency was
still in existence after official rates were reduced,
but was less pronounced. The new rates are: I/4%
bid and 3/16% asked for bills due up to 90 days;
/
40
/
%% bid and 1
0 asked for bills due from 91 to
120 days, and /
/
8% asked for bills
1
270 bid and 3
due from 121 to 180 days. Rates now established
are record low figures. Two series of Treasury discount bills were awarded Monday. One series of
$75,000,000, due in 91 days, went at an average discount of 0.08%, while $50,000,000 bills due in 182
days went at an average of 0.19%.
Call loans on the New York Stock Exchange remained unchanged at 1%, both renewals and new
loans being arranged at that rate. In the unofficial
street market funds were reported available every
day at 3
/
4%. Time loans held at their former range
of 3
/
4@1% for all maturities. Brokers' loans
against stock and bond collateral declined $9,000,000
in the week to Wednesday night, according to
the report of the Federal Reserve Bank of New
York. The loan total of this compilation is now
$993,000,000.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time
money has been at a standstill this week, as no
transactions have been reported. Rates are nominal
at 3
/
4@l% for two to five months, and 1@11/
4% for
six months. The market for commercial paper has
been unusually active this week, and as there has
been a plentiful supply of paper on hand dealers
have been exceedingly busy. Rates are 1% for extra
choice names running from four to six months and
11/
4% for names less known.

D

Bankers' Acceptances
HE demand for prime bankers' acceptances has
been fairly good this week, and the supply of
bills has shown improvement. Rates were reduced
on Thursday 1/
8% in the bid column and 1/16% in
the asked column for bills running from 30 to 90
days, y8% in both the bide and asked columns for
REICRSBANK'S COMPARATIVE STATEMENT.
120-day bills, and 3/
4% in the bid and asked columns
Apr. 15
Apr. 14
Apr, 15
Changes
1933.
1934.
for bills running from 150 to 180 days. The 1/
1932.
for Week.
4% bid
Assets—
Reichsmark.. Retchsmarks. Reichsmark,. Reichsmark..
and
3/16%
quotations
asked
on
rates
are
the
lowest
Gold and bullion
—4,308,000 226.390,000 421,363,000 859,786,000
Of which depos. abr'd No change.
18,548,000
71.557.000
73.489.000
record.
Quotations
American
of
Acceptance
the
Ree've in for. currency5,707.000 108,369,000 128,006,000
—4,255,000
BWis of exch. de checks.
_
—68.449.000 2,913,248,000 3,028.291,000 3,025,909,000
Council for bills up to and including 90 days are
Silver and other coin__
+25,036,000 254,274,000 205.649.000 221.178,000
Notes on oth. Ger. bks_
9,855.000
12,120,000
8,854,000
+3,081,000
I/
4% bid and 3/16% asked; for four months, 3
/
8%
Advances
72,112,000
63,002,000
7.810,000
99,135,000
Investments
—20,004.000 669,378.000 318,503,000 361,561,000
bid
and 11/
47
0 asked; for five and six months, 1/2% bid
Other assets
—20,429,000 514,648,000 399,297,000 929,168,000
Ltablitties—
and 3
/
8% asked. The bill buying rate of the New
Notes in circulation
—46,368,000 3,428,671,000 3,422,534,000 4,000,354,000
0th.daily matur.oblig.
—42.020,000 460,042,000 359.986,000 384,448,000
York
Reserve Bank is y2% for bills running from
Other liabilities
—8,750,000 147,263,000 157.768,000 681,369,000
Proper.of gold and torn
one to 90 days, and proportionately higher for longer
curr. to note ciroula'n
6.8%
-o le.
15.5%
24.7%
maturities. The Federal Reserve banks' holdings of
The New York Money Market
acceptances fell during the week from $17,059,000 to
EAVY downward pressure upon the rate struc- $13,499,000. Their holdings of acceptances for forture in the New York money market remained eign correspondents, however, remain unchanged at
the chief characteristic of dealings this week. With $4,669,000. Open market rates for acceptances are

H




T

. Financial Chronicle

2636

nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for acceptances are as follows:
SPOT DELIVERY.
-180 Days- -150 Days- -120 Days
Asked. Bid.
Asked. Bid. Asked.
Bid.
Prime eligible bills
34
34
X
34
34
34
- -30 Days
-90 Days- -80 Days
Asked.
Asked. Bid.
Bid. Asked. Bid.
Prime eligible bills
*II
118
Ii
3
35'
FOR DELIVERY WITHIN THIRTY DAYS.
34% bid
Eligible member banks
% bid
Eligible non-member banks

Discount Rates of the Federal Reserve Banks.
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:

T

DISCOUNT RATES OF FEDERAL RESERVE BANKS.

Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Rate in
Effect on
April 20.

Date
Established.

Previous
Rate.

2
134
2;4
2
3
3
234
2%
3
3
3
2

Feb. 8 1934
Feb. 2 1934
Nov. 18 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 18 1934
Feb. 9 1934
Feb. 8 1934
Feb. 18 1934

2%
2
3
2%
334
334
3
3
334
3;5
3%
2%

Course of Sterling Exchange
TERLING exchange is steady on the whole, but
displays a slightly easier undertone than last
week, not only against the dollar but against the
French franc. The factors affecting exchange this
week resulted chiefly from operations abroad and
seem to have had their origin in an improved sentiment with respect to the French franc. The range
for sterling this week has been between $5.13 and
$5.175A for bankers' sight bills, compared with a
4 last week.
range of between $5.153/ and $5.177
The range for cable transfers has been between
$5.13% and $5.17%, compared with a range of
between $5.1534 and $5.18 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price, and the price paid for gold by
the United States:

S

MEAN LONDON CHECK RATE ON PARIS.
78.082 I Wednesday, Apr. 18
Saturday, Apr. 14
78.158
Thursday, Apr. 19
Monday, Apr. 16
78.17
Friday,
Apr. 20
Tuesday, Apr. 17

77.80
77.84
77.75

LONDON OPEN MARKET GOLD PRICE.
134s. 113id. 1 Wednesday,Apr. 18__135s. 4d.
Saturday, Apr. 14
134s. 1034d. Thursday, Apr.19135s. 3d.
Monday, Apr. 16
Apr. 20_ ___135s. 23.d.
134s. 830. Friday,
Tuesday, Apr. 17
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 1 Wednesday, Apr. 18
Saturday, Apr. 14
Thursday, Apr. 19
35.00
35.00
Monday, Apr. 16
Friday,
35.00
Apr.
20
35.00
Tuesday, Apr. 17

In all essential respects there is no change in the
foreign exchange situation from the past several
weeks, and despite day to day fluctuations, markets
everywhere show marked confidence in sterling. As
the British position improves a better tone becomes
manifest in most of the other foreign exchanges.
This is particularly true of the gold bloc currencies,
with the exception, perhaps, of the German mark,
which is governed by a complicated set of special
circumstances unfavorable to mark exchange. For
several weeks,apparently, Germany had to ship gold
to both London and Paris in order to support mark
credits. The dollar continues firm in terms of sterling and all other European currencies, though for
the day to day quotations, as judged by the old




April 21 1934

parity, the pound is the firmer. The dollar, on new
parity basis, is firm rather than the pound. For
instance, on a percentage of the new parity,the dollarsterling rate and price for gold in London indicate a
value for the dollar in London ranging this week
between 100.57% and 100.86%. This means, of
course, that the dollar has been gradually approaching the new parity set upon devaluation of the unit.
Since the middle of March this valuation in London
has hardly varied. It will be recalled that early in
January, London set a value upon the dollar ranging
from 3% to 4% above that placed upon it by Washington.
The United States gold buying price continues unchanged at $35 per fine ounce. This figure continues to attract gold to the United States from
London and other points, but the profit on importing
gold is not now so attractive with the result that the
inflow is gradually diminishing. The dollar equivalent varies with the fluctuation in dollar-sterling
exchange and has ranged this week between 134s.
83/
2d. and 135s. 4d. The dollar rate in London at
the hour of fixing the gold price (11 a. m. Greenwich
time) has ranged from $34.73 to $34.77, while the
New York rate on London based on the pound at the
close in New York has ranged between $34.76 and
$34.99. This last figure only one cent under the
official United States gold price was reached yesterday, in an active market, as European interests
dumped dollars and bought francs and sterling.
An improvement in the economic position of both
Great Britain and France together with newlyaroused fears of further inflation here are ascribed
as reasons for the sudden upturn of sterling and
francs, or, for what amounts to the same thing, the
fall of the dollar.
The speech on the budget delivered by the Chancellor of the Exchequer, Mr. Neville Chamberlain, on
Tuesday, April 17, had a decidedly encouraging
effect on the underlying tone of sterling. Reports
relating to Chancellor Chamberlain's speech will be
found in our news columns, but it might be noted in
passing that one or two features of the budget speech
are especially favorable to the future course of sterling. Reductions have been made, even if slight, in
the income tax, and the budget is expected to show a
surplus of £796,000,with receipts at £706,520,000 and
expenditures at £705,724,000. Mr. Chamberlain
pointed out that the £375,000,000 exchange equalization fund still shows a profit. However,in accordance
with practice, he did not reveal the extent of the
profit, merely disclosing that the original capital was
intact. The speech revealed that the Government
started a new financial year on April 1 with a surplus
in revenues of £31,148,000. At the outset of his
speech the Chancellor said, with reference to recovery:
"We have now finished the story of 'Bleak House'
and have settled down to the first chapter of 'Great
Expectations.'"
Gold has been coming to the London open market
in more normal amounts during the past several
weeks, as the premium has declined from the high
peaks prevalent so short a time ago as early February, when the open market price touched 140s. However, it may be safely assumed that gold will continue
to come from all parts of the world so long as the
open market price in shillings and pence is above the
Bank of England's purchasing price. The bank's
statutory price for buying is 85s. an ounce. It is

Volume 138

Financial Chronicle

prohibited from sel ing gold by the Gold Standard
Departure Act and may take only gold transferred
to it or offered to it at 85s. an ounce. When the
bank buys gold it does so as the agent of private
buyers or of the Equalization Fund,in which case the
difference in price over its statutory figure is debited
to the fund's account.
On Saturday last, £160,000 bar gold was available
in the open market and was taken for unknown destinations. On Monday,£286,000 was'similarly taken.
On Tuesday, £315,000, and on Wednesday, £530,000
went to unknown destinations. On Thursday, £57,000, and on Friday, £432,000 was similarly taken.
The Bank of England statement for the week ended
April 18 shows a decrease in gold holdings of £85,132,
the total standing at £192,076,257, which compares
with £184,834,947 a year ago and with the minimum
of £150,000,000 recommended by the Cunliffe committee. At the Port of New York the gold movement
for the week ended April 18, as reported by the
Federal Reserve Bank of New York, consisted of
imports of $6,056,000, of which $3,297,000 came
from Canada,$2,653,000 from England,$68,000 from
India, and $38,000 from Guatemala. There were no
gold exports. The Reserve Bank reported an increase
of $38,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended April 18, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK, APRIL 12-APRIL 18, INCL.
Imports.
Exports.
$3,297,000 from Canada
2,853,000 from England
88,000 from India
None.
38,000 from Guatemala
$8,058,000 total
Net Change in Gold Earmarked for Foreign Account.
Increase: $38,000.
During the week approximately $941,000 of gold was received from China
at San Francisco.

The above figures are for the week ended Wednesday evening. On Thursday there were no imports
or exports, but gold held earmarked for foreign account decreased $350,000. On Friday $1,681,300 of
gold was received from Canada. There were no
exports or change in gold held under earmark for
foreign account. On Friday $591,000 of gold was received at San Francisco from China.
Canadian exchange continues firm and at a slight
premium in terms of New York. On Saturday last
Montreal funds ranged at a premium of from Y
8 to
3-16%. On Monday the premium was 3-16 to 5-16%,
on Tuesday 3-16 to/
1 1%,on Wednesday 3-16 to 4%,
3
on Thursday. 3 to /%, and on Friday at / to
/% premium.
Referring to day to day rates, sterling exchange on
Saturday last was steady in dull trading. Bankers'
sight was $5.153.@$5.15%; cable transfers, $5.153A
@$5.15%. On Monday the undertone was firm.
The range was $5.15h@$5.15% for bankers' sight
and $5.15/@$5.15/ for cable transfers. On
Tuesday, sterling, while slightly easier, was steady.
Bankers' sight was $5.15/®$5.15%; cable transfers, $5.1514@$5.15/. On Wednesday, the undertone was decidedly easier. The range was $5.13@
$5.13% for bankers' sight and $5.133@$5.14 for
ca
.ble transfers. On Thursday, sterling was steady.
The range was $5.133
4@$5.14% for bankers' sight
and $5.14@$5.14/ for cable transfers. On Friday,
sterling rose sharply, the range was $5.15/@$5.17%




2637

for bankers' sight and $5.153/
2@$5.17% for cable
transfers. Closing quotations on Friday were $5.17
for demand and $5.173
% for cable transfers. Commercial sight bills finished at $5.17; 60-day bills at
$5.163/2; 90-day bills at $5.16; documents for payment (60 days) at $5.16, and seven-day grain bills
at $5.17/. Cotton and grain for payment closed
at $5.17.
Continentaland Other Foreign Exchanges
XCHANGE on the Continental countries is
generally firm and shows more favorable action
than in the last few weeks, though in terms of new
dollar parity these units are still ruling fractionally
under New York. The Italian lira and the German
mark are exceptions. 'The lira has been under slight
pressure abroad for the past few weeks owing to
considerable transfers of funds from Rome in connection with the Italian Government's conversion
operations. The mark has undergone a setback owing
to additional restrictions on exchange promulgated
by the Reichsbank. French francs are exceptionally
strong and in Friday's trading went as high as 6.663
4,
above new dollar parity of 6.63. The rise of the
franc makes the exchange, for the time being, the
market leader. At the high on Friday, the dollar
dropped to a discount against francs for the first
time since dollar devaluation. Were the franc to
continue up to 6.69 gold could, theoretically, move
from New York to Paris. However, it is doubtful
that the Treasury would give license for gold exports, except at some higher and arbitrarily fixed
gold pOint. It is believed that French and other
European operators who had been favoring sterling
since February, have been selling sterling and dollars
during the past week and buying francs for investment in rentes, which have been rising steadily since
Premier Doumergue promulgated his economy decrees. Railway and other shares on the Paris Bourse
are also finding support as confidence increases in
the new government. The franc was also helped by
withdrawal of European commitments from United
States commodity markets. The fear of further inflation here has also played a part.
The steady improvement in the position of the
Bank of France is also doubtless a factor in the turn
of sentiment in Europe toward the franc. The French
bank has been parting with little gold during the past
few weeks and this loss has been greatly offset by
imports of gold from Switzerland, Holland, Italy,
Germany, and other centers. A few days ago M.
Moreau, former governor of the Bank of France,
apparently expressed the general opinion of the
European bankers when he ascribed to the abandonment of the gold standard by the United States, not
only the delay in stabilizing the pound which, in
their opinion, would otherwise already have been
stabilized, but also the general disorder resulting on
the exchange markets. The Bank of France statement for the week ended April 13 shows an increase
in gold holdings of 171,250,735 francs, which follows
upon an increase during the week ended April 6 of
193,661,012 francs. This makes the sixth successive
increase in the bank's gold holdings, totaling in all
approximately 1,049,997,382 francs. Total holdings
now stand as of April 13 at 74,978,196,828 francs
which compares with 81,079,982,799 francs a year
ago and with 28,935,000,000 francs when the franc
was stabilized in June 1928. The bank's ratio stands

E

Financial Chronicle

2638

April 21 1934

at the high figure of 77.53%, compared with 77.39% at 8.59 for bankers' sight bills and at 8.60 for cable
on April 6, with 77.57% a year ago, and with legal transfers, against 8.523/ and 8.533/2. Austrian
schillings closed at 19.25, against 19.05; exchange on
requirement of 35%.
2, against 4.163/2; on BuThe following table shows the relation of the lead- Czechoslovakia at 4.203/
ing currencies still on gold to the United States charest at 1.02, against 1.013I; on Poland at 19.14,
against 18.95, and on Finland at 2.30, against 2.28.
dollar:
Range
Old Dollar New Dollar
Greek exchange closed at 0.953/i for bankers' sight
This Week.
Parity.
Parity.
bills and at 0.95% for cable transfers, against 0.94
6.59% to 6.664
8.63
3.92
France (franc)
23.37 to 23.62
25.54
13.90
Belgium (belga)
and
0.94%.
8.51 to 8.60
8.91
5.26
Italy (llra)
Germany (mark)
Switzerland (franc)
Holland (guilder)

23.82
19.30
40.20

40.33
32.67
68.06

39.40
32.36
67.68

to 39.73
to 32.71
to 68.37

The German mark, like the Russian ruble, became a purely domestic currency on April 18, when
the Government issued a decree prohibiting the
removal from the country of any mark bills or
domestic gold coin. The decree also limited the
amount of cash which may be taken or sent out of
the country to 50 marks monthly a person. The
new instrument is the eighth affecting foreign exchange and becomes operative on May 1. In
another decree the Government assumed virtual
control of securities and credits held by German
citizens abroad. Claims against foreigners when in
marks must be reported to the Reichsbank. These
drastic decrees are the result of the precarious foreign
exchange position of the Reichsbank, which has
reduced its official note coverage to 6.8% as of
April 14. Fears are expressed that the Reichsbank
rate of coverage may be forced still lower and that
its function as a central bank may be seriously impaired. However, new German foreign trade returns for March indicate the possibility that the
Reichsbank position may soon show improvement.
The German authorities claim that for the first
two months of the year exports were not providing
foreign exchange enough to meet the needs of imports. This has all along been the chief argument
for reduction of transfers to meet foreign debt
service. In January the import surplus was in
excess by 22,000,000 marks and in February by
35,000,000. It is believed probable that Dr. Hjalmar Schacht, President of the Reichsbank, will urge
a complete moratorium on the entire German debt
service.
Italian lire are on the whole steady although under
pressure as a result of transfers abroad in connection
with the recent conversion offer. Some gold has
been shipped to Paris in support of the lire. The
Italian situation on the whole is exceptionally sound.
By the terms of the recent conversion of the old 5s
consolidated bonds into new 33/2% redeemable loan
1978, the Italian Treasury will pay in a lump sum,
April 23,a bonus amounting to the difference between
the old and the new interest rates for the next three
years, that is 432%. The bonus will entail the very
substantial outlay of 2,750,000,000 lire, which the
Italian Treasury will be able to meet from its own
resources.
The London check rate on Paris closed on Friday
at 77.70, against 78.09 on Friday of last week. In
New York sight. bills on the French center finished
on Friday at 6.663/2, against 6.593 on Friday of last
week; cable transfers at 6.66%, against 6.60, and
commercial sight bills at 6.65, against 6.58. Antwerp
belgas finished at 23.61 for bankers' sight bills and
at 23.62 for cable transfers, against 23.39 and 23.40.
Final quotations for Berlin marks were 39.72 for
bankers' sight bills and 39.73 for cable transfers, in
comparison with 39.53 and 39.54. Italian lire closed




-4--

XCHANGE on the countries neutral during the
war shows no appreciable change from last
week. Swiss francs and Holland guilders have fluctuated in a wider range, tending toward firmness.
The gold coverage of the Netherlands Bank rose last
week from 76.8% to 78.5% and that of gold and
silver combined from 79.2% to 81%. Legal gold
requirement is 40%. The statement of condition of
the Swiss National Bank for the week ended April 14
showed gold reserves of 1,679,000,000 Swiss francs.
Switzerland has been sending gold to France for
several weeks past. Its total gold cover is now
92.32%. Legal requirement is 40% against outstanding notes.
Bankers' sight on Amsterdam finished on Friday at
68.34, against 67.69 on Friday of last week; cable
transfers at 68.35,against 67.70,and commercial sight
bills at 68.33, against 67.68. Swiss francs closed at
32.69 for checks and at 32.70 for cable transfers,
against 32.38 and 32.39. Copenhagen checks finished at 23.14 and cable transfers at 23.15, against
23.02 and 23.03. Checks on Sweden closed at 26.69
and cable transfers at 26.70, against 26.58 and 26.59;
while checks on Norway finished at 26.01 and cable
transfers at 26.02, against 25.91 and 25.92. Spanish
pesetas closed at 13.81 for bankers' sight bills and at
13.82 for cable transfers, against 13.673/ and 13.683/
2.

E

XCHANGE on the South American countries
presents no new features of interest. The
currencies and foreign trade relations of all these
countries continue under regulations of control
boards and the currencies are only nominally quoted.
The control boards, either because of the force of
treaties or from practice, favor London in the allotment of exchange remittances. The "free" market
for the South American units, such as it is, quotes
them at a heavy discount. For instance the Argentine paper peso is officially quoted 343-343
%,
but the unofficial rate this week had a range of from
25.10 to 25.40.
Argentine paper pesos closed on Friday nominally
at 344 for bankers' sight bills, against 34 on Friday
of last week; cable transfers at 34%, against 3432.
Brazilian milreis are nominally quoted 8.60 for
bankers' sight bills and 8.75 for cable transfers,
against 8.60 and 8.75. Chilean exchange is nominally quoted 103, against 1034. Peru is nominal
at 22.40, against 223/2.

E

XCHANGE on the Far Eastern countries has
been fairly steady for several weeks. The Chinese units are influenced largely by the course of
world silver prices, while the Japanese yen is strongly
inclined to be governed by the course of sterling
exchange. The Indian rupee, of course, moves in
strict harmony with sterling to which it is legally
attached at the rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
30.52, against 30.43 on Friday of last week. Hong

E

Volume 138

Financial Chronicle

2639

Kong closed at 38 13-16@38Y8, against 38.95® have so many important Constitutional questions
39 5-16; Shanghai at 34 13-16, against 35®35 1-6; been raised as those which have emerged in connecManila at 50 8,against 50A;Singapore at 61,against tion with the "new deal" legislation. Most of the
60
Bombay at 39.05, against 39, and Calcutta at acts passed in 1933 by the first session of the present
Congress claimed as their justification the existence
39.05, against 39.
of a national emergency, while for the extraordinary
Foreign Exchange Rates as Reported by Federal
regulation of industry, trade and agriculture which
Reserve Bank of New York.
was inaugurated, further warrant was sought in the
to the requirements of Section 522 Constitutional right of Congress to regulate interof the Tariff Act of 1922, the Federal Reserve State and foreign commerce. On the basis of these
Bank is now certifying daily to the Secretary of the claims, enlarged by the spacious assumption that
Treasury the buying rate for cable transfers in the the Federal Government could do anything that was
different countries of the world. We give below a not clearly prohibited by the Constitution, holders
record for the week just passed:
of gold were compelled to part with their property,
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
contracts
calling for payment in gold were set aside,
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
APRIL 14 1934 TO APRIL 20 1934, INCLUSIVE.
industry and business were forcibly regimented,
production was limited and prices fixed, hours of
Noon Buying Rate for Cable Transfers in New York.
Country and Moneta
Value in United States Money.
labor
and minimum rates of wages were decreed, and
Unit
Apr. 14. Apr. 16. Apr. 17. i Apr. 18. Apr. 19. Apr. 20.
a vast and complicated program of industrial, busiEUROPE$
$
ness and social regulation was inaugurated under
Austria,schilling
.189316* .189316* .189333* .189300* .189266* .190400*
Belgium, belga
.233865 .233669 .233800 .233711 .233896 .235250
immediate direction of a President to whom Conthe
Bulgaria, lev
013250* .013250* .013250* .013250* .013250* .013375*
Czechoslovakia, kron .041625 .041590 .041603 .041603 .041641 .041878
gress had delegated unprecedented powers.
Denmark, krone
.230241 .230176 .230066 .229100 .229408 .230700
England, pound
There have not been wanting those who, while as
sterling
5.154416 5.155583 5.151083 .133583 5.138541 5.166083
Finland, markka
.022710 .022712 .022680 .022620 .022660 .022795
France,franc
eager as any one for all the "recovery" that could
066001 .065921 .065981 .065983 .066081 .066470
Germany, reichsmark .395184 .394630 .394207 .394072 .393953 .395771
Greece, drachma
009375 .009416 .009427 .009421 .009417 .009470
legitimately be attained, have nevertheless pointed
Holland, guilder
676985 .676721 .676966 .677461 .677950 .681742
Hungary, pengo
.296750* .296750* .296875* .297000* .297000 .298375*
out that not only was the Constitution being strained
.085173 .085411 .085313 .085246 .085098 .085468
Italy. lira
Norway, krone
.258983 .258884 .258827 .257783 .258108 .259491
the breaking point, but that a good deal of what
to
Poland, zloty
188900 .189000 .188600 .188783 .189112 .189766
Portugal, escudo
.047125 .047125 .046937 .046995 .046922 .047200
was being done was almost certainly unconstituRumania,leu
.010037 .010008 .010062 .010031 .010043 .010100
Spain, peseta
136785 .136689 .136664 .136665 .136839 .137665
Representative James M. Beck of Pennsyltional.
Sweden,krona
265780 .265730 .265609 .264554 .264941 .266281
Switzerland, frano_ _ .323914 .323669 .323619 .323689 .324021 .326007
done yeoman service in keeping the Convania
has
Yugoslavia, dinar
.022650 .022616 .022583 .022600 .022650 .022810*
ASIAissue before the public, and Senators
stitutional
ChinaChefoo (yuan) dol'r .347291 .347083 .344583 .344583 .344583 .345416
and William E. Borah have voiced
Glass
Carter
Hankow(yuan)dol'r .347291 .347083 .344583 .344583 .344583 .345416
Shanghai(yuan)dol'r .346406 .346406 .343281 .343750 .344062 .344843
emphatic dissent from parts of the Administration
Tientsin(yuan)dol'r .347291 .347083 .344583 .344583 .344583 .345416
Hongkong, dollar_ - .386875 .386875 .383750 .384062 .384375 .384687
program. From industrial or trade associations
India, rupee
.387625 .387350 .387460 .386531 .386650 .387750
Japan. yen
303340 .303305 .303140 .302450 .302635 .303690
Singapore (Eh S.) dol'r .603125 .603125 .603125 .601250 .602500 .604375
has come a long list of well reasoned and forcible
AUSTRALASIAAustralia, pound
protests against the infringements of Constitutional
4.104583 4.104166*4.102500* .087916*4.097187.4.119375*
New Zealand, pound. 4.115000 4.114583+4.113333* .098750+4.109375*4.130937*
AFRICAwhich various items of pending legislation
rights
South Africa, pound.,.. 5,095937 5.096875* 5.092500* 5.073750* 5.079750* 5.106750*
NORTHAMER.embodied. In the comparatively few cases which
Canada, dollar
1.001197 1.002395 1.003203 1.001171 1.001953 1.004713
Cuba, peso
998937 .998937 .998937 .998937 .999150 .999150
have come before the lower Federal courts the
Mexico, peso (silver)., .277160 .277250 .277250 .277250 .277250 .277250
Newfoundland, dollar .998562 .999937 1.000812 .998625 .999500 1.002000
has been to give the Government the benetendency
SOUTH AMER.Argentina, peso
343350* .343112* .343333* .342300* .342566 .344400*
doubt, and the Supreme Court has not yet
fit
of
the
Brazil, milreis
085532* .085978* .086575* .086603* .085950 .085450*
Chile, peso
102600* .102600* .102600* .102400* .102500 .102750*
any of the fundamental Constitutional
upon
passed
Uruguay. Peso
804066* .804066* .803733* .804066* .804066 .807233*
Colombia, peso
581400* .606100* .632900* .595200* .571400* .588200*
issues involved in the recovery acts and their ad* Nominal rates; firm rates not available.
ministration. The discussion, however, has had the
Gold Bullion in European Banks.
effect of bringing under debate not only specific
HE following table indicates the amount of gold matters in which Constitutional issues are presented,
bullion in the principal European banks as of but also the larger question of the adaptability of
April 19 1934, together with comparisons as of the the Constitution to the present time. Irrespective
of particular problems which the "new deal" legislacorresponding dates in the previous four years:
tion presents, increasing consideration is being given
I Banks ef1934.
1932.
1631.
1933.
1930.
to the question whether the Constitution itself may
10111. •
£
£
£
E
£
not be in need of overhauling.
England__, 192.076.257 184,834,947 121,429,516 146,739.714 163,843.217
France 0.... 599,825,574 648,639,862 616,521,648 448,786,338 338,669,227
One or two recent instances will illustrate the
Germany b
7,741,650
38,966,050 106,859,750 120,353,250
17,865,700
Spain
90,487,000
89,997,000
90,363,000
96,846,000
98,750.000
Italy
ways
in which the Constitution is being jeopardized
76,593,000
60,858,000
57,434,000
67,331,000
56,261,000
Netherrds.
74,324,000
65,534,000
79,061,000
37,104,000
35.996,000
Nat. Belg.
specific
points. On March 15 the Senate passed
at
77,135,000
72.001,000
76,308,000
41,148,000
33,784,000
Switzland. 63,805,000
88,727,000
66,030,000
25,711,000
22,645,000
Sweden
a
bill
"to
regulate
inter-State commerce by grant14,800,000
12,116,000
11,440,000
13,329,000
13,535,000
Denmark_
7,398,000
7,397,000
8,032,000
9,546,000
9,572,000
Norway_ _ _
6,576,000
6,561,000
8,380,000
8,133,000
ing the consent of Congress to taxation by the several
8,145,000
Total week 1,201,971,481 1,281,023,509 1,166,160,214 991,696,802 901,553,694
States of certain inter-State sales." The bill (see
Prey. week 1,201,278.257 1.282.095.109 1.161.951.964 991.131.521 897 750 gin
the "Chronicle" for March 31, page 2179) provided
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
that "all taxes or excises levied by any State upon
abroad, the amount of wh eh the present year is £3,577,850.
sales of tangible personal property, or measured by
sales of tangible personal property, may be levied
The Constitution and the
upon, or measured by,sales of like property in inter"New Deal."
State commerce, by the State into which the propNot since the period of Reconstruction, when the erty is moved for use or consumption therein, in the
rapid adoption of the Fourteenth and Fifteenth same manner and to the same extent that said taxes
Amendments made possible the passage by a radi- or excises are levied upon or measured by sales of
cal Republican Congress of a series of drastic stat- like property not in inter-State comMerce, and no
utes intended to insure Negro suffrage and make the such property shall be exempt from such taxation
reconstructed South safe for the Republican party, by reason of being introduced into any State or

PURSUANT

T




2640

Financial Chronicle

Territory in original packages or containers or
otherwise." The National Publishers' Association
promptly pointed out that the bill proposed to allow
a State to tax sales of personal property in inter.
State commerce in the same way that it taxes sales
of such property arising within the State. Specifically, the bill would authorize the imposition of
State taxes, under a sales tax law, upon subscription copies of newspapers and periodicals transported from another State, whereas in the 26 States
that now have sales tax laws only single copies or
news-stand sales are taxed where not specifically exempted. The invasion of the Constitution which
began with the "original package" law of 1890, when,
at the demand of the prohibition forces, liquors
brought into a State in the original packages were
made subject to the laws of the State in the matter
of sales, would by this bill be broadened to include
any kind of tangible personal property. The States,
in other words, are to be allowed to tax inter-State
commerce.
On April 4 Senator Clark of Missouri, Democrat,
was reported to have ready for presentation a bill
providing for Federal taxation of hitherto exempt
State and municipal bonds. The exemption, of
course, is based upon the idea of comity which prevails in the relations between the States and the
Federal Government, with neither jurisdiction taxing the securities or property of the other, a tax on
State bonds being in effect a tax on the power of
the State to borrow money. Senator Clark, how-.
ever, was reported by the United Press as seeing in
the Sixteenth Amendment, which, provides that "the
Congress shall have power to lay and collect taxes
on incomes, from whatever sources derived, without
apportionment among the several States and without regard to any census or enumeration," a clear
grant of authority to tax exempt securities, notwithstanding that the sole purpose of the Amendment, which was ratified in 1913, was to enable Congress to impose an income tax without apportioning it among the States in accordance with population.
Another
introduced in the Senate early this
month, not only extends the authority of the Federal Trade Commission, at present limited to corporations, to partnerships and "persons" in dealing
with what are vaguely described as "unfair methods
of competition" and "unfair or deceptive acts and
practices in or affecting commerce," but contains
what has accurately been called an "amazing" provision that "the Congress confers upon the Commission so much of the auxiliary power of Congress to
obtain information in and of legislation as may be
necessary to enable the Commission to carry out the
provisions" of an amended section of the present
law under which the President • would be given
virtually unlimited authority to institute inquiries
regarding things which the bill declares to be "unlawful."
In an address before the Commerce Committee of
the American Bar Association in this city, on April
10, Raoul E. Desvernine, counsel for the Association
of Stock Exchange Firms, pointed out some of the
implications of Federal regulation of stock exchanges, as proposed by the Fletcher-Rayburn bill
and others, in the matter of the Constitutional relations between the States and the United States.
"Unless the test of the Federal jurisdiction," Mr.
Desvernine said (we quote from a report in the New




April 21 1934

York "Herald Tribune") "is that some continuity
exists between the various phases of related business
so that they may be reasonably considered as one
large inter-State business, it would seem practically
impossible to determine where Federal jurisdiction
ends and State jurisdiction begins. . . . Under
our present economic system there are so many
interlocking relationships that undoubtedly almost
every conceivable transaction has some effect on the
flow of commerce. If the mere existence of such
effect, however indirect or far removed, is sufficient
to permit Federal regulation of that transaction,
then it is anomalous to speak of the jurisdiction of
the States. Such complete destruction of the fundamental nature of our Federal Government cannot be
justified on any of the decisions of the courts heretofore, nor upon any reasonable interpretation of
the Constitution."
The large question of recasting the Constitution as
a whole cannot, of course, be separated entirely
from that of revision by amendment. Two amendments of much importance have lately been made.
The Twentieth Amendment, proclaimed as in effect
on Feb. 6 1933, but operative as of Oct. 15 for some
of its provisions, changed the date for the regular
meeting of Congress so as to do away with the
"lame duck" session, and altered the dates of the
Presidential and Congressional terms. The Twentyfirst Amendment, in force Dec. 5 1933, repealed the
Eighteenth or prohibition amendment. A. further
amendment, abolishing the Electoral College and adjusting the electoral vote to conform to the popular
vote, is pending in Congress and has received the
endorsement of President Roosevelt. One of the
most distinguished of American journalists and
publicists, Dr. Albert Shaw, in an article in the
April issue of the "Review of Reviews," strongly
urges a further amendment which should extend to
six years the terms of members of the House of Representatives, thereby protecting them from being
"insulted with impunity by organized private interests because they seek re-election every twentyfour months," and at the same time, in his opinion,
greatly improving the quality and efficiency of Congress and minimizing partisanship.
The method of specific amendment is not satisfactory to those who feel that the Constitution as a
whole should be overhauled and, in the common
phrase, brought up to date. They point to the fact
that almost all of the amendments adopted have been
political, and insist that the times now call for economic improvements. As a practical matter, however, the question of general revision, whether
political or economic, is not a live one at this time,
and will hardly show much life until the depression
is over. Piecemeal change is doubtless not entirely
satisfactory, but it nevertheless works. Moreover, it
is possible to defeat bad amendments as well as to
adopt good ones. It took a long time to get rid of
the vicious Eighteenth Amendment, but that calamity is now a thing of the past. The probable failure this week of the Child Labor Amendment in the
New York Legislature shows what sound argument,
backed by organized and vigorous protest, can do in
defeating a proposal whose consequences would certainly have been disastrous, and which should never
have been revived at all after half the States had
rejected it.
The important question at the moment is not to
call for further Constitutional changes, and least of

Volume 138

Financial Chronicle

all to open the Constitution to radical attack from
the extremists of the "new deal," but to insist upon
the maintenance of the individual and property
rights which the Constitution guarantees and which
much recent and some pending legislation in Congress jeopardizes. The recovery program has already gone ominously far in over-riding Constitutional prescriptions and limitations, and in the excitement and pressure of putting the program into
operation a good deal that is constitutionally unsound has been overlooked. The time has come to
call a halt in measures for which there is no clear
Constitutional warrant, and for searching examination of legislation and Executive acts by which Constitutional rights have been infringed. The appeal
to the Constitution is not a wail of reaction nor an
indiscriminate rejection of change. It is a call for
intelligent, aggressive and patriotic action to the
end that the foundations of government shall not be
undermined or the primary rights of citizens curtailed.

State-Owned Railroads a National
Burden
Canada has shown us that Government ownership
and operation of railroads is against a sound public
policy for either nation. Further proof of this
theorem is to found in the experience of Mexico.
These statements are attributed to W. W. Colpitts,
of Cloverdale & 'Colpitts, consulting engineers.
In counting up the cost to the taxpayers of creating the Canadian National System, he found that as
of Dec.31 1931 the Government had expended a total
of $1,393,000,000. This amount includes direct cash
outlay on the International and Transcontinental
lines,loans interest due and unpaid, and advances to
cover operating deficits. There is also the funded
debt of the National Lines amounting to $1,276,000,000, all of which is in the hands of the public,
and three-fourths actually, and one-fourth virtually,
guaranteed by the Government. The total of these
two figures is $2,669,000,000.
The magnitude of this sum is apparent from the
statement that the direct expenditures alone represent approximately one-half of Canada's gross debt,
and if the funded debt of the railways also is considered a part of the national debt, which in effect
it is, these direct expenditures, plus the funded debt,
represent about seven-tenths of the total obligations
of the national Government.
Mr. Colpitts computes the annual interest charge
on this $2,669,000,000 at approximately $133,000,000,
which may be said to represent the principal item
in the annual cost of Government ownership of the
National Lines. The annual net income of the railways naturally offsets this item, however, the inefficiency of this net income is the crux of the situation.
Without making any allowance for depreciation
of physical property, which is a large item on a railroad as extensive as the National System, Mr. Colpitts pointed out that the net income over the nineyear period from 1923 to 1931 averaged about $25,000,000 per year. It reached a maximum of $44,000,000 in 1928. It was $32,000,000 in 1929, and
$16,000,000 in 1930. A deficit of $5,000,000 was incurred in 1931.
Thus, in the latter year, neglecting depreciation,
the cost of ownership was $138,000,000, and when a




2641

reasonable allowance is made for depreciation, it
was found that this cost of ownership in 1931 was
approximately $150,000,000. In 1932 it was a somewhat larger amount, and in 1933 still larger. None
of these figures take into consideration the very
heavy expenditures made each year for capital
account.
During the year 1913 the Federal debt was only
$366,000,000 and the annual interest charges only
$20,000,000. These figures aid one in visualizing the
extent the Government's obligations have grown
since that time from its railway policy alone. It is
asserted that not only is this a serious situation
now, from the point of view of the taxpayer, but it
is one that is growing more acute as the obligations
of the railway to the Government increase every
year.
The desire for profit in a private enterprise, however small the prospect for profit may be, is a tremendous stimulus to economy and efficiency, while
in the nature of things this stimulus is not nearly as
persistent where political considerations influence
expenditures.

The Ogpu at Washington—Cancellation
of Air Mail Contracts
[Editorial in :New York "Herald Tribune" of April 16 1934.]

The revelation that Charles A. Lindbergh was questioned
secretly for four hours by a Department of Justice agent
following his appearance before the Senate Post Office Committee a month ago makes unpleasant and disturbing news.
Following so closely upon the cancellation of the air mail
contracts—an utterly unjust and dictatorial abuse of public
power—this resort to star chamber tactics calls for a strict
investigation.
The test of the character of Colonel Ristine's investigation
lies in the stenographic report thereof. Senator Austin does
well to announce that he will insist that this secret record
he produced before the Black Committee. Were the questions designed to develop constructive advice? Or were they
the grueling to which a District Attorney subjects a suspect?
The record will speak for itself.
If it was a grilling, as is charged, the episode will constitute one more milepost on the road from normal American
processes of justice to the Russian system. As such it is
of deep concern to the whole nation. Mr. Lindbergh can
take care of himself on any witness stand, as he has demonstrated. Such scrupulous integrity and clear-eyed courage
as are his are proof against the assaults of any browbeating
inquisition. But the resort to such tactics would constitute
a vicious and highly dangerous precedent and deserve the
sternest rebuke.
Incidentally, it would be interesting to know whether Commissar Farley played any part in instigating this experiment with Ogpu methods. Having punished the air mail
companies without the pretense of a trial, did he perhaps
think that a little terrorizing of a hostile witness might
help out his case? The country is already greatly in the
debt of Senator Warner Robinson Austin, of Vermont, for
taking up the air mail fight. Here is another opportunity
for his clear, fair questionin2 in the pursuit of truth.

The Course of the Bond Market
Bond prices have again exceeded former highs this week,
record high levels on the recovery being reached in averages for all grades. The strength of high-grade bonds i,s,
of course, attributed to the superabundance of institutional
funds seeking high-grade investment, which in turn is a
result of the creation of huge excess reserves of member
banks—much larger than any which have been seen heretofore. Another factor is the virtual moratorium on new
fihancing occasioned by the Securities Act.
United States Government bonds, after reaching a new
high for several years last Saturday, upon announcement
of the calling of about one billion dollars more of the Fourth
Liberties, have eased off fractionally this week. No plans
for taking care of the called Pits have as yet been announced. A new low record in acceptance rates was made

2642

Financial Chronicle

April 21 1934

this week, and quotations for the first time were in sixteenths. Bills of 90 days or less are now at %.% bid, 3/16%
asked. Excess reserves in the Federal Reserve System are
again higher, estimated at more than $1,600,000,000.
High-grade and medium-grade railroad bonds have continued in demand this week, with closings indicating very
little change. Atchison gen. 4s, 1995, closed at 102 on
Friday,'unchanged since last week; Chesapeake & Ohio ref.
4%s, 1995, ended the week at 102, also unchanged; Great
Northern gen. 7s, 1936, at 99 compared with 99%. Medium
to lower-grade rail bonds, however, made further headway,
showing gains of one or more points during the last seven
days. Denver & Rio Grande Western ref. 5s, 1978, closed
at 49%, up 5% points since a week ago; Wabash 2nd 5s, 1939,
at 82%, up 2% points; Norfolk Southern 1st & ref. 5s, 1961,
at 24, up 3, and Missouri Pacific gen. 4s, 1975, at 18%,
up 1%.
After some hesitation in utility bonds in the early part
of the week, the upward movement was again resumed,
principally in the secondary list. High grades showed no
marked tendency one way or another. In the speculative
group, substantial gains were made by Standard Gas &
Electric 6s, 1935, up 3% to 79 for the week; Continental
Gas & Electric 5s, 1958, up 4% to 56%; Consolidated Gas
Utilities 6s, 1943,6% points higher at 51%, and American &
Foreign Power 5s, 2030, 3 points higher at 58%.
Generally higher prices were seen during the week for
Industrial bonds. Previous advances were held, and most
Issues remained close to their year's highs. Persistent demand continued to broaden the advance in bonds "behind

the market" on a yield basis, pushing an additional number
of securities into new high ground. Tire issues as a group
were strong, with U. S. Rubber 5s, 1947, up 1% to a new
high at 90%, and Goodyear 5s, 1957, up % to par. Motion
picture issues were also strong, Warner Bros. Pictures 6s,
1939, gaining 4 points to 66. Steels for the most part were
fractionally higher, and oils were steady. Miscellaneous
gains included Container Corp. 5s, 1943, up 2% to 81; National Dairy 5%s, 1948, up 1% to 95%; Remington Rand
2s, 1947, up 1% to 91%, and International Cement 5s,
51/
1948, up % to 89%.
Among foreign issues, there was considerable interest
marketwise in French railway dollar bonds. Nord Railways 6Y2s, 1950, closed the week at 150%, up 9% points,
and Paris Orleans Railway 5%s, 1968, at 143%, were up 11
points. Such issues, virtually guaranteed by the Government, and usually not as active as some other bonds, are
apparently catching up with other issues payable on a gold
equivalent basis. Strength was displayed this week in
Argentine issues, while Chilean and Brazilian bonds were
weak. German issues were irregular and for the most part
lower.
The largest municipal refunding plan as yet proposed was
declared in operation this week, involving about $280,000,000
of the City of Detroit bonds to be issued in exchange for all
Detroit general obligations, not including the longer-term
street railway and water bonds. Detroit obligations have
been at least partially in default for over a year.
Moody's computed bond prices and bond yield averages
are given in the following tables:

MOODY'S BOND PRICES.
(Based on Average Yields.)

MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prices.)

U.S.
120
120 Domestic Corporates
by Ratings.
1934
Gov. DomesDaily
Bonds.
tic.
Aa.
A.
Baa.
**
Averages.
Corp.* Aaa.

120 Domestic
Corporate* by Groups.
RR.

P. U. Indus.

AU
120 Domestic Corporate
1934
120
by Ratings.
Daily
DomesBaa.
A.
Aa.
Averages. tic.
Aaa.

120 Domestic
Corporate by Groups.
RR.

'Pi
30

P. U. Indus. signs,

5.25
4.73
4.49
5.91
Apr. 20._ 4.82
4.92
7.21
4.40
4.05
4.74
5.96
5.28
4.50
19_ _ 4.84
4.93
7.18
4.06
4.40
5.98
4.74
5.29
4.51
7.19
18_ 4.85
4.93
4.06
4.42
5.32
5.99
4.76
4.52
17._ 4.86
7.21
4.96
4.07
4.43
5.32
4.77
4.53
16__ 4.87
6.01
7.22
4.96
4.43
4.07
5.30
4.75
4.52
14._ 4.86
5.98
7.22
4.95
4.42
4.07
4.76
5.30
13__ 4.86
5.98
4.53
4.96
7.20
4.07
4.42
4.77
5.32
12._ 4.87
6.01
4.53
7.20
4.97
4.07
4.42
5.33
4.78
4.54
IL_ 4.88
6.02
7.19
4.98
4.43
4.09
4.78
10_ 4.89
6.04
5.34
4.55
7.21
5.00
4.09
4.44
4.79
5.35
9._ 4.91
4.58
6.06
7.20
5.01
4.10
4.46
5.37
7__ 4.92
6.08
4.80
4.58
7.21
5.02
4.09
4.47
5.40
6.11
4.81
4.58
6__ 4.93
7.22
4.11
5.02
4.47
4.83
5.41
4.57
5_ 4.94
6.12
7.23
4.11
4.48
5.04
4.85
5.44
4._ 4.96
6.18
4.60
5.06
7.26
4.11
4.49
3.. 4.99
6.22
4.89
5.46
4.61
7.29
4.12
4.52
5.09
2..., 4.99
4.90
5.46
4.62
7.29
6.24
4.12
4.51
5.10
Weekly
xchang e Close d.
Mar.30... Stock E xchang e Closed.
95.93 110.42 103.48 94.43 79.68 97.47 89.17 101.81
4.91
5.48
23__ 5.01
4.64
6.24
7.34
4.15
4.54
5.11
96.70 111.16 104.16 95.18 80.60 98.41 89.86 102.47
16.._ 4.96
4.85
5.43
4.60
7.23
6.16
4.11
4.50
5.06
95.63 110.79 103.15 94.14 78.88 97.47 88.50 101.47
5.53
4.66
9_ 5.03
4.91
7.25
6.31
4.13
4.56
5.13
94.88 110.23 101.81 93.11 78.66 96.54 87.96 100.49
2__ 5.08
4.97
5.57
4.72
7.38
6.33
4.16
4.64
5.20
95.18 110.23 101.97 93.26 79.68 97.16 88.36 100.81
Feb. 23_ 5.06
5.54
4.70
7.49
4.93
4.16
6.24
4.63
5.19
95.33 109.86 101.47 93.26 80.37 97.31 88.36 100.81
16__ 5.05
5.54
4.70
7.52
4.92
4.18
6.18
4.66
5.19
93.99 109.12 100.00 92.10 78.88 95.33 87.43 100.00
9_ 5.14
5.05
5.61
4.75
7.57
4.22
6.31
4.75
5.27
93.85 108.75 99.68 91.81 78.99 95.33 87.04 99.68
2__ 5.15
5.64
4.77
7.55
4.24
5.05
4.77
5.29
6.30
91.53 107.67 98.41 89.31 75.50 92.68 83.97 98.88
Jan. 26_ 5.31
5.88
4.82
7.97
5.23
4.30
6.62
4.85
5.47
90.55 107.67 97.16 87.96 74.36 91.39 82.38 98.73
19__ 5.38
4.30
6.01
4.83
8.05
4.93
5.57
6.73
5.32
87.69 108.25 95.48 84.85 70.52 88.36 78.44 98.00
12._ 5.59
4.87
8.33
4.38
5.54
6.35
5.04
5.81
7.12
84.85 105.37 93.26 82.02 66.55 85.74 74.25 97.00
5_ 5.81
4.94
8.55
6.74
4.43
7.58
5.74
5.19
6.04
98.88 112.31 105.89 97.31 83.60 100.33 92.39 104.33
Low 1934 4.82
5.25
4.49
7.18
4.05
4.40
4.92
5.91
4.73
84.85 105.37 93.11 81.78 66.38 85.61 74.25 96.54
High 1934 5.81
6.74
4.97
8.65
4.43
5.75
5.20
6.06
7.68
Low 1933 4.96
92.39 108.03 100.33 89.31 77.66 93.26 89.31 99.04
7.23
4.60
4.11
4.83
5.43
4.49
5.04
6.16
74.15 97.47 82.99 71.87 53.16 69.59 70.05 78.44
High 1933 6.75
6.35 11.19
4.91
7.17
5.96
6.98
9.44
7.22
Yr. Ago82.99
71,87
54.92
70.15
71.96
81.07
74.15 97.47
Apr.2033 6.75
4.91
6.12 10.61
5.96
6.98
7.16
6.97
9.15
2 Yrs.Ago
69.13 93.70 81.78 66.38 48.61 61.64 70.14 70.'0
Apr.20'32 7.27
7.08 13.41
4.16
8.17
6.56
6.06
7.58 10.28
•These prices are computed from average yields on the basis of one -ideal" bond (41i% coupon, ma uring In 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate In a more comprehensive way the relative lave s and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928, see the Issue of Feb.6 1932, page 907.
**Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used In computing these indexes was published In the Issue of Feb. 101934.
page 920. t t Average 01 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Apr. 20-- 103.65
19- 103.96
18_ 104.08
17__ 104.14
16_ 104.24
14__ 104.49
13__ 104.35
12__ 104.12
11.... 104.02
10__ 103.98
9__ 103.96
7__ 104.01
6.... 104.03
5__ 104.05
4._ 103.82
3__ 103.43
2__ 103.28
Weekly
Mar.30__ StockE
23_ 103.32
16__ 103.52
9.. 103.06
2__ 101.88
Feb. 23__ 102.34
16_ 102.21
9-- 101.69
2__ 101.77
Jan. 26__ 100.41
19__ 100.36
12__ 99.71
5__ 100.42
High 1934 104.49
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. AgoApr.20'33 99.72
2 Yrs.Ago
Apr.20'32 99.24

98.88
98.57
98.41
98 25
98.09
98.25
98.25
98.09
97.94
97.78
97.47
97.31
97.16
97.00
96.70
96.23
96.23

112.31
112.11
112.11
111.92
111.92
111.92
111.92
111.92
111.54
111.54
111.35
111.54
111.16
111.16
111.16
110.98
110.98

105.89
105.89
105.54
105.37
105.37
105.54
105.54
105.54
105.37
105.20
104.85
104.68
104.68
104.51
104.33
103.82
103.99

97.31
97.16
97.16
96.70
96.70
96.85
96.70
96.54
96.39
96.08
95.93
95.78
95.78
95.48
95.18
94.72
94.58

83.60
82.99
82.74
82.62
82.38
82.74
82.74
82.38
82.26
82.02
81.78
81.54
81.18
81.07
80.37
79.91
79.68

100.33
100.17
100.17
99.84
99.68
100.00
99.84
99.68
99.52
99.52
99.36
99.20
99.04
98.73
98.41
97.78
97.62

92.39
91.96
91.81
91.39
91.39
91.67
91.67
91.39
91.25
91.11
90.97
90.69
90.27
90.13
89.72
89.45
89.45

104.33
104.16
103.99
103.82
103.65
103.82
103.65
103.65
103.48
103.32
102.81
102.81
102.81
102.98
102.47
102.30
102.14

Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, April 20 1934.
Trade continued to make a good showing despite the very
unfavorable weather during the week. A steady consumer
demand had a stabilizing effect on all basic trades. Nearly
all sections of the country contribute to the large volume
of business being done. The heavy industries made a particularly good showing, with steel operations reaching 50.3%
of capacity, a gain of 6.1%, and automobile production up
to the highest peak since July 1930. Electric production
also exceeded that of the previous week, and there was
some increase in carloadings, despite the fact that this is
usually the season of the year when a decline takes place.
Retail business continued to increase, although unfavorable
weather hurt the sale of women's suits, coats and millinery.
Sales of men's clothing and furnishings, however, were large.




Wholesale markets were more active, particularly in summer goods, and more interest was shown in fall merchandise. Sales of hardware were larger and a further increase is expected during the spring and summer months.
Shoe manufacturers reported a good business, with reorders
coming in in large volume. Woolen mills were fairly active
on old orders, but new business was rather small. The
break in cotton failed to stimulate mill demand for spot
cotton, but operations continued active, with many mills
having sufficient orders on hand to maintain schedules well
Into the summer. News from Washington that the Administration was opposed to inflationary measures caused a
sharp break in grain,.cotton and other commodities during
the week. On some days the decline in grain reached the
limit allowed, and prices in most cases were down to new
lows for the movement. Secretary Wallace's statement

Volume 138

2643

Financial Chronicle

The "Annalist" presented as follows the indices of domestic
that domestic and world price levels of wheat would tend
to come together this year was also followed by heavy and foreign wholesale prices for March:
DOMESTIC AND FOREIGN WHOLESALE PRICE INDICES
liquidation, and other selling. Cotton and grain transac(Measured in currency of country: index on gold basis also shown when currency
tions, as a result of these reports from Washington, were has
depreciated; 1913=100.0.)
very heavy. Yet there were rallies at times on buying on
0 MO S
* Mar. a Feb. Jan. Mar. Mar. Change,
hopes that the President would be won over at a conference
1934. 1934. 1934. 1933. 1932. P.C.
to-morrow. Silver and other commodities were also under
81.9
91.1 +0.1
108.2 108.1 105.2
United States of America
heavy selling pressure as a result of Washington develop65.4
66.1
81.4
91.1 -1.4
64.5
Gold
110.6 107.9 -0.1
112.5
112.6
110.3
Canada
ments concerning silver legislation. The break in cotton
84.0
96.5 -1.2
66.9
67.7
69.2
Gold
97.6 104.6 +0.1
105.4 105.3 104.6
was the worst seen since last February, but the decline United Kingdom
68.8
78.2 -0.2
65.9
68.5
65.8
Gold
390
444 -1.2
395
400
405
was more orderly than in wheat and silver. Sugar was France
91.1
99.8 -0.3
95.9
96.2
96.3
Germany
rather quiet, with the trade marking time pending Senate Italy
275.5 276.0 277.6 287.2 322.1 -0.2
133.6 134.1 132.6 134.0 119.8 -0.4
action on the compromise quota bill. Raws dropped to Japan
77.3 -0.6
50.5
57.2
48.2
48.5
Gold
CaNnInnalta
onld
r
728
73.3
74.4
77.8
87.8 --0.7
2.70c. as compared with 3.10c. at this time last year. Wool
to
March 1934.
* Preliminary. a Revised. b Change from February 1934
was quiet and easier. Copper remained unchanged at 8%c.,
c Includes also Netherlands and Belgium.
Bureau
of Statistics;
Dominion
Canada,
the same as on Friday of last week, with demand fair. Lead
"Annalist";
U.
S.
A.,
Indices used:
Kingdom, Board of Trade: France, "Statistique Generale"; Germany,
was in good demand and firmer. Zinc was steady. Tin United
•Statistische Reichsamt"; Italy, Milan Chamber of Commerce; Japan. Bank
was rather quiet and lower. The weather over the week-end of Japan.
and early in the week was more spring-like and pleasant,
Latest Week Were
but later on it was rainy and cooler. To-day it was fair and Revenue Freight Loadings During
16.2% in Excess of Same Period Last Year.
mild here, with temperatures ranging from 46 to 57 degrees.
Loading of revenue freight for the week ended April 14
The forecast was for fair to-night and Saturday. Colder,
totaled 578,837 cars, an increase of 20,950 cars, or
1934
probable frost to-night. Sunday probably fair and warmer.
3.8%,
over the preceding week and 80,655 cars, or 16.2%,
Overnight at Boston it was 46 to 66 degrees; Baltimore,
in the corresponding period in 1933. It was also
higher
than
54 to 66; Pittsburgh, 40 to 62; Portland, Me., 44 to 58;
of 12,011 cars, or 2.1%, over the comparable week in
Chicago, 36 to 54; Cincinnati, 36 to 64; Cleveland, 34 to 52; a gain
loading for the week ended April 7 1934 exceeded
Detroit, 32 to 58; Charleston, 64 to 74; Milwaukee, 34 to 48; 1932. Total
last year by 13.4% and was also 2.2% in
period
same
the
Dallas, 50 to 72; Savannah, 60 to 80; Kansas City, 38 to 60;
week ended April 9 1932.
the
of
excess
Springfield, Mo., 38 to 60; St. Louis, 42 to 62; Oklahoma
The first 16 major railroads to report for the week ended
City, 42 to 66; Denver, 38 to 58; Salt Lake City, 52 to 76;
total of 254,412 ears of revenue freight
Las Angeles, 56 to 74; San Francisco, 50 to 64; Seattle, April 14 1934 loaded a
compared with 242,586 cars in the
lines,
own
their
on
52 to 80; Montreal, 40 to 60, and Winnipeg, 28 to 44.
previous week and 219,087 cars in the seven days ended
these carriers, with the exception of the
"Annalist" Weekly Index of Wholesale Commpdity April 15 1933. All of
Northern
RR., continued to show subGreat
International
Prices Dropped Slightly During Week of April 17
-Indices of Domestic and Foreign Prices for stantial gains over the corresponding period in 1933. ComMarch.
parative statistics follow:
A rising level of prices in the first month and a half of REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
the year, as indicated by the "Annalist" weekly index of
wholesale commodity prices, while the dollar was dropping
Loaded on Olen Lines. Rec'd from Connections.
Week Ended.
toward its official new par of 69.06 cents, and relative
Apr. 14 Apr.7 Apr, 15 Apr. 14 Apr.7 Apr. lb
1934. 1934. 1933. 1934. 1934. 1933.
stability during subsequent weeks was the record for the
first quarter of 1934. The first half of the same period was Atchison Topeka & Santa Fe Ry _ 18,631 17,138 17,461 4,100 4,314 3,698
20.253 16,386 16,810 7,893 7,263 6,185
& Ohio Ry
marked, says the "Annalist," by a declining level of prices, Chesapeake
4,960
Chicago Burlington J. Quincy RR. 13.644 13,036 12,576 5,726 6,214 5.337
when measured in terms of gold, due to the fact that the Chicago Milw.St. P.& Pac. Ry 15,706 15,457 15,300 6.205 6.537
Chicago & North Western Ry_ _ 14.133 13,552 12.344 8,809 9,072 7,080
839
stimulus of the falling dollar operated primarily upon those Gulf Coast Lines
2,894 2,459 2,292 1,226 1,297
Great Northern RR.._ _ 2,735 2,776 2,950 1,836 1.958 1,596
commodities active in international trade, while the others Internat.
2,180
2,614
2.751
4,232
4.335
4,251
_
Lines_
_
Missouri-Kansas-Texas
12,757 12,243 11,327 7,030 7,688 6,342
were affected only to a relatively minor extent. As to its Missouri Pacific RR
4,026 3.849 3,571 7,933 8,534 6,579
N.Y.Chicago & St. Louis Ry_ _
41,872 35,229 51,554 53,823 42.455
42,561
index for the week of April 17, the "Annalist" said:
New York Central Lines
17,051 16,783 12,842 3,699 3,729 3,356
Despite the sharp break in the speculative markets April 16, a loss of
only 0.6 point was recorded by the "Annalist" index during the week
ended April 17,the index declining to 108.3 on that day from 108.9 April 10.
Strength in steers and beef, poultry products, some of the fruits, hides,
rubber, copper and especially gasoline partly offset the losses in the grains,
cotton, coffee and the reduction in anthracite prices.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (191100).
April 17 1934. April 10 1934 April 18 1933.
Farm products
90.6
a92.3
68.1
Food products
106.1
106.5
89.6
Textile products
*118.4
al18.8
69.4
Fuels
160.5
161.1
102.3
Metals
105.7
105.6
93.0
Building materials
113.8
113.8
106.6
Chemicals
100.2
100.2
95.0
Miscellaneous
88.4
88.0
68.1
All commodities
108.3
108.9
83.7
b All commodities on old dollar basis_
xi a
64.7
64.3
•Preliminary. a Revised. b Based on exchange quotations for France, Switzerland. Holland and Belgium.
The break in the markets was precipitated by the stand of the President,
upon his return from his vacation, against the proposed silver legislation.
The latter, designed to "do something for silver" (at whatever cost to the
country) and at the same time to start a genuine currency inflation, constituted the first test of strength of the President after his setback in the
matter of veterans' benefits. It is true that Mr. Roosevelt was reported
by Speaker Rainey, a silver advocate, as being "for" silver-pretty cold
comfort, indeed, since everybody, of course, is "for" silver just as everybody is "for" peace. That, nevertheless, he opposed the desired legislation, and that even the most fervent silver advocates made no claims to
being able to override his veto, showed that his hold on Congress had not
been seriously impaired. The markets generally regarded the matter as
indicating that Inflation was definitely "out" at present, and the hardy
speculative element that had still been counting on a real inflation program
had nothing to do but take its losses.
While the drain on the Treasury involved in the heavy expenditures by
the Administration, if not carefully controlled, may well bring about inflation in the end, the present position of the Administration appears to
be definitely against further currency experimentation. The elimination
of that element of uncertainty will be much to the benefit ofsound business;
the situation of last year, when even the most conservative were compelled
to devote much of their time to the attempt to anticipate the measures that
the Administration was likely to take (an impossible task, in the absence
ofknowledge on that point by the Administration itself), was fundamentally
unhealthy and encouraged speculative activity in quarters where it was
least desirable or necessary. It is to be hoped that henceforth those who
do not wish to speculate will be able to devote themselves to their legitimate business interests.




Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry

54,484 52.787 46,263 30.039 30,190 26,463
5,472 5,552 3,705 4,789 4,952 3,416
20,725 19,544 17,353
5,089 4,817 4,832 7,152 7,466 6,331

254,412 242.586 219,087 150.742 155,651 126.817
Total
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Week EndedChicago Rock Island & Pac. Ry.._ _
St. Louis-San Francisco Ry
Tntal

Apr. 14 1934.

Apr.7 1934.

Apr. 15 1933.

18,952
11,899

18,920
12,180

17,973
11,266

30.851

31,100

29,239

The American Railway Association, in its review of the
week ended April 7, reported as follows:

Loading of revenue freight for the week ended April 7 totaled 557,887
cars, a decrease of 50,556 cars under the preceding week, but an increase
of 65,826 cars above the corresponding week in 1933 and 12,264 care above
the corresponding week in 1932.
Miscellaneous freight loading for the week of April 7 totaled 228,378
cars, an increase of 1,451 cars above the preceding week, 50,300 cars above
the corresponding week in 1933, and 31,438 cars above the corresponding
week in 1932.
Loading of merchandise less than carload lot freight totaled 167,040 cars,
an increase of 915 cars above the preceding week, and 6,145 cars above
the corresponding week in 1933, but a decrease of 20,866 cars below the
same week in 1932.
Grain and grain products loading for the week totaled 25,917 cars, a
decrease of 1,595 cars below the preceding week, 7,295 cars below the
corresponding week in 1933, and 3,139 cars below the same week in 1932.
In the Western districts alone, grain and grain products loading for the
week ended April 7 totaled 15,976 cars, a decrease of 5,604 cars below
the same week in 1933.
Forest products loading totaled 23,550 cars, a decrease of 412 cars below
the preceding week, but an increase of 6,766 cars above the same week
In 1933, end 3,955 cars above the same week in 1932.
Ore loading amounted to 5,089 ears, an increase of 890 cars above the
preceding week, 3,301 cars above the corresponding week in 1933, and
2,416 cars above the corresponding week in 1932.
Coal loading amounted to 88,940 cars, a decrease of 49,618 cars below
the preceding week, but an increase of 6,458 cars above the corresponding
week in 1933 and 752 cars above the same week in 1932.
Coke loading amounted to 5,937 cars, a decrease of 1,687 cars below
the preceding week, but an increase of 2,453 cars above the same week in
1933 and 1,878 cars above the same week in 1932.

2644

Financial Chronicle

Live stock loading amounted to 13,041 cars, a decrease of 500 cars below
the preceding week, 2,302 cars below the same week in 1933, and 4,170
cars below the same week in 1932. In the Western districts alone, loading
of live stock for the week ended April 7 totaled 10,212 cars, a decrease
of 1,811 cars below the same week in 1933.
All districts reported increases for the week of April 7 compared with
the corresponding week in 1933 except the Southwestern, which showed a
slight decrease, while all reported increases compared with the same week
in 1932 with the exception of the Allegheny and the Central Western.
Loading of revenue freight in 1934 compared with the two previous
years follows:

Four weeks in January
Four weeks in February
Flve weeks in March
Week ended April 7
Total

1934.

1933.

2,177,582
2,308,869
3,059,217
557,887

1,924,208
1,970,566
2.354.521
492,061

2,266.771
2,243,221
2,825,798
545,623

8.103,535

6,741.356

7,881,413

1932.

April 21 1934

In the following table we undertake to show also the
loadings for the separate roads and systems for the week
ended April 7 1934. During this period 33 of the smaller
roads showed decreases as compared with the corresponding
week last year when the bank holiday was in effect. Among
the larger carriers showing increases as compared with
the same week in 1933 were the Pennsylvania System, the
Baltimore & Ohio RR., the New York Central RR., the
Southern By. System, the Chesapeake & Ohio By., the Louisville & Nashville RR., the Norfolk & Western Ry., the
Illinois Central System, the Chicago Milwaukee St. Paul &
Pacific By., the Chicago & North Western Ry., the Chicago
Burlington & Quincy RR., the Missouri Pacific RR., the
Southern Pacific Co. (Pacific Lines), and the Reading Co.:

REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED APRIL 7.
Railroads

Total Revenue
F' eight Loaded.
1934.

Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N. H.& FIartford__
Rutland
Total

1.841
3,063
7,630
986
2,619
10,826
574

1933

1.531
2,806
6,494 .
598
2.159
9,030
565

Total Loaas Received
from Connections.
1932.

1934.

1933.

1,921
3,066
7,812
660
2,620
11,130
541

291
4,613
10,162
2,497
2,657
11.051
1,043

265
4,242
8,705
2,151
1,974
10,211
950

27,539

23,183

27,750

32,314

28,498

4,806
8,542
12.433
189
987
6,248
1,156
19,021
1,290
212
307

4,679
7,228
9,598
171
1,400
6,546
1,108
16,606
1,937
328
252

6,099
9.591
11,805
225
1.982
8.307
1,490
18,193
2,036
405
364

6,773
6,479
12,625
1,690
1,147
6,956
43
25,718
1,906
23
225

5,583
4,924
10,967
1,541
708
5,980
30
20,258
1,801
36
173

55,191

49,853

60.497

63,585

52,001

537
1,159
6,550
24
175
299
1,999
4,540
8.956
1,578
3,849
5,552
4,197
1,155
4,817
2,910

388
1,134
6,701
14
189
220
1.265
2,640
5,349
2,481
3,264
3.512
2,667
736
4,582
2,389

529
1,313
7,475
44
206
197
1,416
2,294
5,945
3,630
4,193
4,022
3,355
1,013
4,697
2,046

1,045
1,801
10,480
77
135
3,049
1,235
7,342
9,689
180
8,534
4,952
3,090
1,083
7,466
2,837

821
1,498
8,211
44
70
1,648
627
4,812
6,228
163
6,619
3,505
3,093
628
5,989
1.687

48.297

37,511

42,375

62,995

45,643

Grand total Eastern District__ 131,027

110,547

130,622

158,894

126,142

543
24,077
2,273
235
5,688
378
266
96
761
1,055
52,787
12,593
7,071
13
2,336

253
21,073
1.002
217
4,817
0
144
72
853
868
45,517
9,817
2.546
52
2,335

a
25,028
856
143
6,720
47
278
138
1,255
b
56.632
13,117
3,893
32
2,997

682
12,760
1,135
10
9,838
67
35
21
2,215
1,072
30,190
14,178
1,736
1
4,915

533
10,618
567
7
9,034
35
13
9
2,557
1,022
26,573
12,561
538
0
3,192

110,172

89,566

111,116

78,855

67,259

16,386
16,783
1,658
2,781

16,202
12,484
1,557
2,393

15,878
12.594
1,539
2,423

7,263
3,729
1,081
727

6,244
3,173
1,218
538

37.808

32,838

32,434

12,800

11,173

9,723
1,224
431
113
44
1,092
499
348
8.283
19,783
124

9,621
759
417
122
45
1.412
477
260
7.968
17,801
150

9,904
880
448
111
56
1,520
475
318
7.759
18,589
182

4,760
1.565
1,087
288
138
1,293
871
3.221
3,859
12,299
700

3,910
1,157
1,059
297
138
1,170
743
3,568
3.284
10,256
811

Group BDelaware & Hudson
Delaware Lackawanna & Wen..
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut& Northern
Total
Group CAnn Arbor
Chicago Ind.& Louisville
Cleve. fin. ChM. dr St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line...
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh 3, Lake Erie
Pittsburgh & West Virginia..
Wabash
Wheeling & Lake Erie
Total

Allegheny District.
Akron Canton & Youngstown_ _
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Cauley
Central RR.of New Jersey....
Cornwall
Cumberland es Pennsylvania_
Ligonier Valley
Long Island
b Penn-Read Seashore Lines...
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.
Chesapeake AC Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District.
Group AAtlantic Coast Line
Clinchtield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound......

Total Revenue
Freight Loaded.

Railroads.

Group BAlabama Tenn. & Northern_ __
Atlantic Birmingham & Coast__
All.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah_ _ _
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis_
Tennessee Central
Total

Total Loads Received
from Connections.

1934.

1933.

1932.

153
927
859
4.293
262
1,483
905
378
1,585
16,773
15,128
171
156
1.931
3,171
341

216
706
709
3,987
135
1.350
878
347
1,317
14,807
12,885
85
153
1,761
2.817
298

275
737
768
3,993
179
886
848
376
1,393
16,017
13,407
129
148
1,963
2,755
448

179
741
1,115
2,501
225
543
1,357
475
735
8,503
3,785
473
267
1,415
2,295
568

1933
148
757
909
2,050
152
430
1,348
403
589
7,319
3,568
472
237
1,366
2,311
526

48.516

42,451

44,312

25,177

22,585

Grand total Southern District..

90,180

81,483

84,534

55,244

48,778

Northwestern District.
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic.St.Paul Minn.& Omaha_
Duluth Miasabe e. Northern_
Duluth South Shore & Atlantic.
ElginJoliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay di Western
Lake Superior & Ishpeming._._
Minneapolis & St. Louis
Minn. St. Paul & 8.8. Marie__
Northern Pacific
Spokane & International
Spokane Portland & Seattle

1,009
13,552
2,091
15,457
3.298
438
554
4,751
266
7,952
444
275
1,536
3.757
7,972
103
1,103

777
11.923
1,948
14,343
2.840
355
323
2,623
275
8,752
425
175
1,592
4.102
6,620
92
795

1,062
13,418
2,434
15,178
2,796
419
373
3,043
301
7,327
505
a
1,630
4,110
7,666
a
1,109

1,641
9.072
2,488
6,537
2,859
94
355
4,639
136
2,184
414
105
1,328
2,382
2,144
159
707

1,254
8,585
1.811
5,289
2,192
40
333
3,084
141
1,757
318
49
1,145
1,683
1,771
109
965

64,558

55,960

61,371

37,244

28,526

17,138
2.421
156
13,036
816
9,961
2,224
859
1,629
IRO
803
1,749
654
121
14,146
213
241
10,963
201
1,160

17,141
2,811
152
12,430
1,511
10.206
2.002
742
1,387
152
1,207
1,905
418
69
11,519
199
274
10,308
211
1,260

19,034
2,841
173
13,203
a
11,829
1,881
931
1,529
95
1,206
a
469
185
14,012
222
273
11,018
238
1,146

4,314
1.663
32
6,214
604
6,028
1,957
841
1,833
3
825
993
303
35
3,184
288
987
6.141
3
1,290

3,491
1,439
22
5,07,
637
4,901
1,500
761
1,549
8
903
816
180
66
2,283
222
839
5,001
2
1,206

78,651

75,904

80,265

37,538

30,903

177
149
92
2,489
2,778
114
1,579
1,030
137
305
397
73
4,335
12,243
41
103
8,961
1,895
5,398
3,921
1,484
22

129
144
138
2,270
4,119

182
112
184
3,363
1,571
122
1,366
1,325
•
77
538
81
4,513
12,160
33
98
8,740
2,125
5,891
3,444
1,597
21

3,336
. 209
150
1,297
1,958
797
1,285
795
318
834
205
195
2,814
7,688
18
98
3,413
1,775
2,282
3,481
2,027
42

2,385
278
119
1,051
1,873
691
1,237
727
228
543
140
287
2,025
6,053
14
107
2,928
1,323
1.916
2,992
1,894
36

Total
Central Western District.
Atch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland_ _ _
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver & Salt Lake
Fort Worth & Denver City__ _ _
Illinois Terminal
Northwestern Pacific:
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pachlo
Total
Southw
n District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Cult Coast Lines
International-Great Northern
Kansas Oklahoma & Gull
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & TeXasLitchfield & Madison
Midland Valley
Missouri & North Arkansas.....
Missouri-Kansas-1 MB Lines...
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
Bt. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn.01St. Louis
Weatherford Min.Wells& N.W.

oo

1,445
944
121
290
480
72
4,288
11,125
52
151
6,981
1,820
5,180
4,598
1,532
20

41,664
39.032
40,222
Total
30,067
45,985
26.193
45,281
Total
45,891
34,794
28,447
•Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.. formerly Part of Pennsylvania
RR..and Atlantic: City RR.,formerly Dart of Reading Co :1932 flames included in Pennsylvania System and Reading Co

Col. Leonard P. Ayres of Cleveland Trust Co. Sees
Probable Price Advances in Commodities Which
He Says May Operate to Check Demand and Production.
Stating that "a considerable number of threatening labor
disputes have been settled, and it now seems likely that we
shall escape any period of numerous and serious strikes,"
Colonel Leonard P. Ayres, Vice-President of the Cleveland




Trust Co., in the "Business Bulletin" of the company, issued
April 16, observes that "this is most encouraging, but," he
adds, "some of the accompanying developments of recent
labor compromises raise problems that may prove difficult." Colonel Ayres points out that "important wage increases have been generally granted in the three great industries of iron and steel, coal, and automobile manufacturing."
Continuing, he says:

Volume 138

In each case the settlements were shortly followed by sweeping advances
In the prices of the products. Similar developments have taken place in
many smaller industries, and it seems probable that important price advances for many commodities will shortly be announced. These may operate
to check demand and production, and they will complicate the difficulties
of establishing desired price parities between agricultural products and
industrial goods.

The further comments of Colonel Ayres follow in part, the
charts and diagrams being omitted:
Business improvement has made good progress during the first quarter
of this year. Industrial production has steadily expanded, employment has
increased, and payrolls have grown larger even more rapidly than the
number of workers has moved up. There have been steady advances in the
security markets. Bond prices have risen almost continuously. Early in
April the index of all bonds had reached a new high for the year. Highgrade bonds have been especially strong, and by the end of the first week
in April the Dow Jones price index of 10 highest-grade rail bonds reached
the highest figures ever recorded, since the index was started in 1915.
Many of the limited indexes of stock prices have seemed to reflect Indecisive movements, but an index of this bank which includes all stocks traded
rose early in April to a new high for this year. In securities a general
and sustained creeping advance has been under way. . . .
Meanwhile our most difficult and important problem continues to be
that of getting back to work the great numbers of men and women who are
unemployed. It is always true in periods of recovery following depression
that industry expands its output far more rapidly than it increases the
numbers of its workers. In the recovery from 1921 to 1923 factory
production increased by over 80%, while employment was rising 32%.
Production.
Business has been improving steadily and rapidly during the past five
months. The decline which began last July continued to November. Then
the present new advance began and carried the volume of industrial production up from nearly 34% below normal in November to less than 24%
below in March, and the gains are continuing in April. The diagram [this
we omit.—Ed.) shows the monthly changes in the volume of industrial production since the beginning of 1929. The index is based on the data of
the Federal Reserve Board recomputed so as to show the percentages of
deviation above and below the assumed normal level.
The January figure shown in the small table within the diagram may be
accepted as being almost a final one, but the February one is still pre
liminary and subject to revision, and the March figure is an estimate.
. . . It is worth noting that if the April record is better than that of
March, as now seems almost assured, this present series of five consecutive
months of advance will be the longest period of steady improvement so far
in the depression.
The February gains in manufacturing output were most pronounced in
Iron and steel, in textiles, and in the production of automobiles. There
were small declines in the output of food products, in lumber, and in
tobacco manufactures. In mining there were important increases in both
bituminous and anthracite coal, a slight decline in the output of petroleum,
and no changes in the production of zinc and lead. Factory employment
Increased by about 6%, which is more than the normal seasonal advance.
Factory payrolls moved up by 12%, or twice as much as the increase in the
number of workers.
Fundamentals.
Evidences of improvement in financial and banking conditions continue
to develop, and to demonstrate that the turning of the corner in the
business depression involves the turning of many minor corners. The
accompanying diagram [this we omit.—Ed.] shows a depression index or
Indicator of three components developed several years ago, and designed
to reflect promptly and surely any real changes in the fundamental factors
of business activity. The diagram covers the period since the beginning
of 1929, and the figures used are weekly data, with the average of the
entries for January of 1929 considered as being equal to 100.
The upper line in the diagram reflects changes in the amount of bank
credit in use. It shows changes in the sum of loans and of bank deposits
in the city banks that are members of the Federal Reserve System. In
recent months it has slowly but definitely been moving up. The sharp increase in the autumn of 1929 was caused by the banks taking over at the
tirrie of the stock market crash many large accounts that had beern with
brokers. The long decline that began late in 1930, and reached the low
point at the time of the bank crisis early last year, reflects the
great
shrinkage in bank credit which has constituted one of the most serious
features of the depression. The recent advances reflect the building up
of
deposits by bank purchases of Federal securities rather than
expansion of
commercial loans.
The dotted line shows the long decline and recent advance
in the wholesale prices of commodities. It is constructed by counting
each week the
number of advances and declines in Dun's list of commodity
price quotations, and recording cumulatively the net differences. The
advances were
vigorous in the second quarter of last year, but since last July
they have
been small and irregular. The dashed line is a weekly index of
industrial
production. It is a combination of an index compiled by this
bank, the
index of the "Times" Annalist, and. that of the "Business
Week." These
three indexes of bank credit, of wholesale prices, and of
industrial production, have been given equal weights and combined into the
depression index
represented by the heavy solid line. That index has now
advanced to the
high level it reached last July. . . .
International Recovery.
The world's industrial activity has now been expanding for nearly
two
”ars, after having contracted continuously and almost steadily for
three
years. The diagram [this we omit.—Ed.] shows the monthly changes in
an international index of industrial activity during the past 10 years. The
index has been constructed by combining for each of eight industrial contr.
tries the monthly data for the production of iron, steel, and coal, and
the records of railway freight movements, and then bringing together the
data for the eight countries into a single index. The index for each
country was given a weight based on the population of the country.
The data were corrected to eliminate merely seasonal variations, and they
were slightly smoothed. The average for the years 1927, 1928 and 1929 was
taken as being equal to 100. The figures used were taken from the records
published by the statistical section of the League of Nations. The eight
countries in the order of population are Belgium, Canada, France, Italy,
the United Kingdom, Germany, Japan, and the United States.
The course of the resulting composite index line is an irregularly advancing one from 1924 to 1929. Its fluctuations in that time are numerous
and sharp, but the total increase amounted to well over 25%. The peak of




2645

Financial Chronicle

the movement was reached in the summer of 1929, shortly before the crash
in our security markets. Then the line followed a steep downward slope
to the summer of 1932, when it turned up again. Its subsequent advance
has been irregular, but the trend has been a rapidly rising one.
It is not so simple as would first appear to answer the question as to
which country has made the best showing in recovery. The highest records
of prosperity and the lowest ones of depression were reached in different
years in different countries. Moreover, questions arise as to whether or
not the measure of depression loss should be from the extreme high month
of prosperity to the lowest month of depression, or between yearly averages,
and further similar problems arise in the measurement of recovery. Various
results are produced by following different methods.
If we use the indexes of the individual countries as they were combined
in making this composite index, and measure the decline from the highest
month of prosperity to the lowest one of depression, we shall find that
the percentages of those losses that had been regained by the end of 1933
were as follows: Japan, 76; United Kingdom, 46; United States, 29;
Germany, 27; Canada, 23; France, 22; Italy, 15, and Belgium, 13.
Strikingly different results are obtained if one compares the figures of
the indexes of industrial production as compiled in these several countries,
except Italy, and reduced by the League of Nations to a common base by
which the average results of 1928 are taken as equal to 100. By the end
of 1933 the index of Japan had advanced 39% above the 1928 level. The
other indexes were still below it, but the percentages which they had
regained of their extreme losses below the 1928 level were for the United
Kingdom, 92; for Canada, 43; for Belgium, 42; for France, 40; for
Germany, 35, and for the United States, 32.
Durable Goods.
The diagram and text presented on the last page of last month's "Bulletin"
showed that there was no serious overproduction of consumption goods in
the prosperity period just before the depression. The statistical evidence
shown here this month indicates that there was no serious overproduction
of durable and capital goods just before the depression, but that serious
shortages have developed during the depression. Durable goods as distinguished from consumption goods, are those made of the lasting materials.
In the main they are not bought at retail, and in large part they are paid
for by borrowed funds secured from bond issues, mortgages, and instalment notes.
The most important classes of durable goods are those made from iron
and steel and other metals, transportation equipment including railroad
rolling stock, automobiles, airplanese, and ships, lumber, cement, stone,
clay and glass. The largest purchasers are corporations. The diagrams at
the foot of this page show the monthly changes in the physical volume, but
not in the value, of the industrial production of durable goods during
the past 35 years.
The top section is the index of production. It is based on the data,
the weightings, and the methods used by the Census and the Federal
Reserve Board in the construction of their indexes of production. A straight
line computed by the method of least squares and based on the data from
1899 through 1930, inclusive, has been drawn through the irregular index
line to show the trend, and to serve as a computed normal from which to
measure the plus deviations of the prosperity periods, and minus deviations
of the depressions. The black silhouette of the middle section shows the
percentages by which production exceeded this computed normal or fell
below it.
The lowest diagram was made by cumulating the data of the middle
one. The percentages by which production exceeded normal were continuously added until a depression period was reached, and then they were
subtracted. If production had. been above normal by 10%'for 10 months
the accumulated surplus would equal the normal output for one month. The
theoretical surplus so measured in terms of normal monthly output was a
little over four months in 1920, and nearly three months in 1929.
The accumulated shortage was four months in 1915, and nearly 22 months
in February 1934. Despite technocracy the fact is that no serious surplusses of durable and capital goods were accumulating before the depression. Present shortages are acute in durable goods, and minor in consumption goods. Unemployment cannot be cured by subsidizing consumer purchasing power, but can be cured by re-establishing financing of durable
goods production.

Estimated Freight Car Loadings in Second]Quarter
of Year Approximately 10.7% Higher Than Actual
Loadings Same Time Year Ago.
According to estimates compiled by the 13 Shippers' Regional Advisory Boards and made public on April 3, freight
car loadings in the second quarter of 1934 will be about
10.7% above actual loadings in the same quarter in 1933.
On the basis of these estimates, the announcement said,
freight car loadings of the 29 principal commodities will be
4,367,725 cars in the second quarter of 1934, compared with
3,945,568 actual loading for the same commodities in the
corresponding period last year. The announcement continued:
Each one of the 13 Shippers' Regional Advisory Boards estimates an
increase in the loadings for the second quarter of 1934, compared with the
same period in 1933.
The tabulation below shows the total loading for each district for the
second quarter of 1933, the estimated loadings for the second quarter of
1934, and the percentage of increase or decrease:
Shippers' Advisory
Board.
Allegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Chlo Valley
Pacific Coast
Pacific Northwest
Southeast
Southwest
Trans-Missouri-Kansas
Tntal

Estimated
Actual
Loadings, 1933. Loadings, 1934.

Per Cent
Increase.

523,495
426,335
144,002
237,774
551.369
93,679
200,531
454,381
151,147
114.868
448,499
332,411
267,077

570,002
474,306
152,924
303,121
577.689
101,041
212,027
550,041
169,937
133,700
500,876
347.354
274.707

8.9
11.3
6.2
27.5
4.8
7.9
5.7
21.1,
12.4
16.4
11.7
4.5
2.9

3.945.568

4.367.725

10.7

April 21 1934

Financial Chronicle

2646

Of the 29 commodities covered in the forecast, it is estimated that 24
will show an increase. They are: Flour, meal and other mill products;
cotton, cottonseed and products except oil; potatoes, other fresh vegetables;
poultry and dairy products; coal and coke; ore and concentrates; gravel,
sand and stone; salt; lumber and forest products; petroleum and
petroleum products; sugar, syrup and molasses; iron and steel; machinery
and boilers; cement; brick and clay products; lime and plaster; agricultural implements and vehicles other than automobiles; automobiles, trucks
and parts; fertilizers of all kinds; paper, paperboard and prepared roofing;
chemicals and explosives; canned goods, including all canned food products.
The five commodities for which reductions are estimated are: All grain;
hay, straw and alfalfa; citrus fruits; other fresh fruits, and live stock.
Of the commodities for which increases are estimated in the second quarter compared with the same period last year, those showing the largest
percentage increases are: Automobiles, trucks and parts, 91%; agricultural
implements and vehicles other than automobiles, 79.2%; ore and concentrates, 44.8%; brick and clay products, 27.3%; cement, 20%; lumber
and lumber products, 17.7%; iron and steel, 15.5%; lime and plaster,
15%; gravel, sand and stone, 14.4%, and coal and coke, 13%.
The estimated carloadings for the second quarter of 1934, together with
actual carloadings for the same period in 1933 and the percentage of
increase or decrease for each of the 29 commodities included in the forecast of the Shippers' Advisory Boards, follows:
CarloadingsCommodity.
Actual
1933.

Estimated
1934.

Estimated
Per Cent
Inc.(-1-) or
Dec.(-).

263,245
Grain,all
192,891
Flour, meal and other mill products
27,331
Hay, straw and alfalfa
34,735
Cotton
11,943
Cottonseed and products, except oil
33,909
Citrus fruits
42,093
Other fresh fruits
57,877
Potatoes
68.667
Other fresh vegetables
195,544
Livestock
38.030
Poultry and dairy products
1,225,865
Coal and coke
Ore and concentrates
105,056
223,410
Gravel, sand and stone
25,528
Salt
288,505
Lumber and forest products
458,495
Petroleum and petroleum products
35,600
Sugar, syrup and molasses
189,989
Iron and steel
15,578
Machinery and boilers
82,237
Cement
35,892
Brick and clay products
24,110
Lime and plaster
Agricultural implements and vehicles, other
5,080
than automobiles
84,648
Automobiles. trucks and parts
63,826
Fertilizers, all kinds
67,255
Paper, paper board and prepared roofing__ _
14,941
Chemicals and explosives
Canned goods-all canned food products,
(Includes catsup, jams, jellies, olives,
35,288
pickles, preserves, ezc.)

205,263
198,742
26,591
35,986
13,586
23,650
41,836
59,452
77.902
189.674
38,368
1,385,545
152,123
255,540
26,593
339,508
480.023
36,925
219,375
18,571
98,717
45.704
27,718

-22.0
±3.0
-2.7
+3.6
+13.8
-30.3
-0.6
+2.7
+13.4
-3.0

9,103
161,701
72,808
72.934
16,594

+79.2
+91.0
+14.1
±8.4
±11.1

37,193

+5.4

3.945.568

4.367.725

4-10.7

Total

+0.9
+13.0
+44.8
+14.4
+4.2
+17.7
+5.2

+3.7
+15.5
+19.2
±20.0
+27.3
+15.0

Moody's Daily Index of Staple Commodity Prices in
Sharp Decline.
The principal commodity markets were unsettled during
the week by a sudden and pronounced decline in wheat
prices, which affected not only other grains but many of
other speculative commodities as well. As a result, Moody's
Daily Index of Staple Commodity Prices registered a sharp
decline on Monday, which was extended on Tuesday and
Thursday, when it reached 133.1, the lowest mark since
Jan. 22. Friday brought a fair recovery, the close being at
133.7, a drop of 3.6 points during the week.
Although the Index as a whole broke out of the narrow
range which it had occupied for three months, wheat alone
accounted for over two-thirds of the loss in the Index number,
all other commodities holding remarkably well. Nine of the
fifteen staples included in the Index registered declines, but
hogs and cotton showed the only important losses, aside from
wheat. The remaining declines, in corn, sugar, cocoa, wool
tops, silver, and silk, were all nominal and were just about
offset by the solitary advance in rubber. Hides, steel, copper, lead, and coffee were unchanged.
The changes in the Index number during the week, with
comparisons, are as follows:
Fri.,
April 13
Sat.,
April 14
Mon., April 16
Tues., April 17
Wed., April 18
Thurs., April 19..
Fri.,
April 20

137.3
137.1
134.4

133.9
134.1
133.1
133.7

2 Weeks Ago, April 6
Month Ago, Mar.20
Year Ago,
April 20
1933 High,
July 18
Low,
Feb. 4
Feb. 16
1934 High.
Low,
Jan, 2

137.9
138.1
99.9
148.9
78.7
140.4
126.0

Slight Increase Noted in "Annalist" Monthly Index
of Business Activity for March.
The "Annalist" index of business activity shows a slight
gain for March, the preliminary figure being 78.5, as against
77.0 for February, 73.1 for January and 69.7 for December.
The index, the "Annalist" said, shows a net gain of 8.8
points since the close of last year, and a gain of 20.0 points
since March of last year, while the decline from the high
for last year has been cut to 11.0 points. With the exception of June, July and August of last year, the March
index is the highest since August 1931. The "Annalist"
further stated:
The most important factor in the March rise of the combined index was
an estimated increase in the adjusted index of electric power production
to 95.4 from 93.2 for February. Substantial increases were recorded in




the adjusted indices of steel ingot production, freight car loadings, pig iron
production and automobile production. Minor gains were shown in the
adjusted indices of cotton consumption, silk consumption and zinc production. Only one component of the combined Index, boot and shoe
production, showed a decrease.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.

Freight car loadings
Steel ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index

March.

February.

January.

69.0
60.1
50.9
a95.4
89.9

67.4
55.7
45.8
93.2
89.2
75.8
66.6
c119.3
72.2
49.5
55.8
61.5
77.0

65.2
48.8
42.7
89.4
88.8
73.9
60.6
101.7
58.7
54.5
46.2
62.1
73.1

69.6
c95.6
b76.9
62.1
*78.5

TABLE II-THE COMBINED INDEX SINCE JANUARY 1929.

January
February
March
April
May
June
July
August
September
October
November

1934.

1933.

1932.

1931.

1930.

1929.

73.1
77.0
*78.5

63.0
61.7
58.5
64.1
72.5
83.4
89.5
83.6
76.5
72.4
68.5
69.7

70.1
68.1
66.7
63.2
60.9
60.4
59.7
61.3
65.2
65.4
64.7
64.8

81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2
72.1

102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4
83.9

112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0
101.2

--- -- -___

flanamhor

of 7,862,000 kilowatt
* Subject to revision. a Based on an estimated output
kilowatt hours in Febhours, as against a Geological Survey total of 7,057,000,000
output of 338,000
ruary and 6,674,000,C00 in March 1933. b Based on an estimated
of 243,947 cars and
cars and trucks as against Department of Commerce total1933. c Based on an
March
trucks in February and 124,581 cars and trucks inestimated
output of 31.000.000
estimated output of 28.500,000 pairs as against an
total of 28,576,463
Pairs in February and as against Department of Commerce
in March 1933.

Retail Prices of Food 0.4 of 1% Lower During Two
Weeks Ended March 27, According to United
States Department of Labor.
Retail food prices declined 0.4 of 1% during the two weeks'
period ending March 27, according to an announcement
Issued April 14 by Commissioner Lubin of the Bureau of
Labor Statistics of the United States Department of Labor.
The Bureau's index receded to 108.0% of the 1913 average
as compared with 108.5% on March 13 and 108.1% on
Feb. 27. The announcement quoted Mr. Lubin as stating:
The decline for the United States as a whole is largely due to a decrease
In the prices of nine of the 42 commodities in the retail price index. Among
the items that showed the largest decline were pork chops, butter, bananas,
potatoes and cabbage. Twenty-two articles in the index showed an increase,
and 11 registered no change in price over the two-week period.
Food prices showed decreases in 34 of the 51 cities covered by the
Bureau. In 14 cities price rises were registered, and three showed no
change.
As compared with March 15 1933, when the index number was 90.5,
present prices are up by 19%. They are approximately 3% over the level
of March 15 1932, when the index registered 105.0. The current index is
4 of 1% over the high point of last year (Sept. 28
1
slightly more than /
1933), when the level was 107.4, and approximately 20% over the low
point reached in April 1933, when the index was 90.4.

The announcement further said as follows:
Cereal foods, with an index of 144.7, showed an increase of 1% during
the two weeks. This figure is approximately 29% 'over the corresponding
month of one year ago, and 101/2% over two years ago. Meats, with an
4 of 1% to a point 10% above a year ago, but
1
index of 109.7, rose /
nearly 8% under the level for two years ago. The dairy products group,
which now registers 101.1% of the 1913 average, declined more than 1%
4% above prices of one year ago and a little less than
/
but still remains 141
1% below two years ago.
Important items showing price increases were sirloin steak, rib roast,
sliced ham, sliced bacon, white bread, canned peas, canned pork and beans.
and sugar. Among the important items showing no change in average
price were fresh and evaporated milk, wheat flour, corn meal, rice, raisins,
canned corn and tomatoes, and prunes.
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities and
cover quotations on 42 important food items. Indexes are based on the
average price of 1913 as 100.0%. Comparisons of the current index with
the indexes for March 13. Feb. 27 and Feb. 13 1934, March 15 1933,
March 15 1932 and March 15 1929 are shown in the following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD (1913=100.0)
Mar.27 Mar.13 Feb. 27 Feb. 13 Mar.15 Mar.15 Mar.15
1934. 1934. 1934. 1934. 1933. 1932. 1029.
All foods
Cereals
Meats
Dairy products

108,0
144.7
109.7
101.1

108.5
143.4
109.1
102.3

108.1
143.4
107.8
101.8

108.3
143.3
106.7
102.6

90.5
112.3
100.1
88.3

105.0
124.3
118.9
101.9

153.0
164.1
182.8
152.4

The largest decline n food prices occurred in Baltimore where a drop
of more than 2% was recorded. Other cities showing a decrease of 1%
or more were Norfolk, Columbus, Portland, Me., Birmingham, Los Angeles
and Boston. Food prices in Washington, D. C., declined 0.3 of 1%.
The largest increase occurred in Mobile, where prices advanced by
approximately 1%. Of the 14 cities showing increases, eight advanced less
2 of 1%. Cleveland, New Haven and Richmond showed no change
1
than /
during the two weeks.
As compared with March 15 1933, all of the cities showed material
advances.

Minneapolis, where food prices have increased 28%, showed

Financial Chronicle

Volume 138

the largest advance. The smallest increase was reported for Los Angeles,
amounting to 61
/
2%. In Washington, D. 0., the increase has been 171
/
2%.
As compared with the corresponding period of two years ago, 42 of the
51 cities have shown an advance in prices, while nine recorded decreases.
In the two-year period retail food prices in Washington have advanced
approximately 3%, or by approximately the same amount as the average
for all of the cities covered.
The following table shows the percent change that has taken place in
each city and the individual food items on March 27 as compared with
March 13 1934, March 15 1933 and March 15 1932:
CHANGES IN RETAIL PRICES OF FOOD BY CITIES.
Percent Change on
Mar. 27 1934.
Compared with.
Mar.15 Mar.15 Mar.13
1932. 1933. 1934.

Percent Change on
Mar. 27 1934,
Compared with
C.
Mar.15 Mar.15 Mar.13
1932. 1933. 1934.

Atlanta
+2.8 +22.6 +0.4 Minneapolis..+5.7 +20.3 -2.2 Mobile
Baltimore
Birmingham._
+0.6 +16.0 -1.3 Newark
Boston
+1.9 +16.2 -1.2 New Haven...
Bridgeport
+0.7 +21.6 -0.7 New Orleans.-Buffalo
+5.7 +22.5
New York
Butte
-5.6 +9.6 +0.5 Norfolk
Charleston,S.C. -1.5 +21.1 -0.5 Omaha
Chicago
-5.3 +16.9 -0.5 Peoria
Cincinnati
+3.3 +20.9 +0.8 Philadelphia...
Cleveland
+7.5 +24.4
0.0 Pittsburgh
Columbus
+4.2 +24.4 -1.4 Portland, Me..
Dallas
+3.0 +21.3 -0•3 Portland, OreDenver
+3.3 +15.9 +0.3 Providence---Detroit
+9.6 +26.0 +0.6 Richmond
Fall River
+1.4 +19.5 -0.4 Rochester
Houston
+3.5 +17.9 -0.2 St. Louis
Indianapolis_ _ _
+4.1 +23.1 -0.4 St. Paul
Jacksonville...
+3.7 +22.6 +0.3 Salt Lake City.
Kansas City,... +3.5 +16. -0.6 San Francisco..
Little Rock.... +7.5 +24.9 +0.2 Savannah
Los Angeles.... -2.9 +6. -1.3 Scranton
+0.1 Seattle
Louisville
+6.3 +23.
Manchester_ -- +3.7 +18.8 -0.9 Springfield, Ill_
+3.5 +23.8 +0.2 Wash'g'n,D.C.
Memphis
Milwaukee_
+0.6 +17.6 -0.6 United States--

+4.3
+1.8
+4.0
+0.3
+2.9
+3.4
-0.4
+3.7
+2.9
+7.4
+5.9
-0.2
-1.1
+1.4
+5.4
+4.1
+3.7
+5.8
+2.7
-1.4
+6.4
+4.0
+0.5
+3.1
+3.6
+2.8

+28.0
+17.0
+23.1
+23.6
+19.1
+19.9
+23.2
+26.4
+20.4
+26.0
+25.0
+18.0
+13.1
+15.9
+23.2
+23.2
+21.6
+27.6
+18.5
+11.0
+22.1
+19.1
+15.0
+19.
+17.6
+19.

+0.2
+0.9
+0.8
0.0
-1.0
-1.8
+0.5
-0.2
-0.3
-0.2
-1.4
+0.2
-1.1
0.0
-1.0
-0.5
-0.1
-0.2
-1.8
-0.1
-0.6
-1.0
-1.0
-0.3
-0.4

CHANGES IN FOOD PRICES BY COMMODITIES.
Percent Change on
Mar. 27 1934,
Compared with.
drride.

Sirloin steak_ _ _
Round steak...
Rib roast
Chuck roast...
Plate beet
Pork chops_ _ _
Bacon sliced...
Ham sliced__
Lunn. leg of...
Hens,
Salmon, red,
canned
Milk, fresh....
Milk. evapor'd.
Butter
Oleomargarine.
Cheese
Lard
Vegetable lard
substitute_ _ _
Eggs
Bread, white_
Bread, rye
Flour

Percent Change on
Mar. 27 1934,
Compared with
Article.

Mar.15 Mar.15 Mar.13
1932. 1933. 1934.

Mar.15 Mar.15 Mar.13
1932. 1933. 1934.
Corn meal
+10.3 +28.5
0.0
Rolled oats.... -13.0 +21.8 +1.5
Corn flakes._ _ +4.8 +9.6 +1.1
Wheat cereal__ +7.0 +9.5
0.0
Macaroni
+0.6 +9.0 +1.3
Rice
0.0
+9.9 +36.8
Beans, navy... +9.4 +41.5 -1.7
Potatoes
+64.7 +75.0 -6.7
Onions
-47.7 +60.7
0.0
Cabbage
-33.9 +5.7 -2.6
Pork and beans. -13.7 +7.8 +1.5
Corn, canned-- +1.8 +15.3
0.0
Peas, canned-- +26.7 +32.
+1.2
Sugar
+1.9
+5.8 +10.
Tea
-5.5 +6.5 +0.3
Coffee
-11.7 -0.7 +0.7
Tomatoes,can'd +9.4 +23.5
0.0
Prunes
0.0
+14. +28.4
Raisins
-18.
+2.2
0.0
Bananas
+2.3 -2.2
-4.
Oranges
-9.
+9.9 +0.7
Peaches, canned
____ +0.6
--Pears, canned-----------0.5

-11.5
-11.9
-15.2
-12.1
-12.1
+12.1
-0.4
-9.6
+0.8
-10.6

+3.5
+3.3
-0.5
+1.3
+2.0
+26.8
+21.9
+13.7
+16.2
+15.1

+1.4
+0.4
+1.0
+0.7
-1.0
-2.0
+2.0
+0.7
+1.6
+1.7

-25.6
-1.8
-10.5
+4.1
-20.1
+1.7
+13.2

+14.6
+9.9
+15.3
+23.8
+2.4
+15.8
+30.

+0.5
0.0
0.0
-3.8
+0.8
+0.4
+1.0

-11.2 +3.
+16.6 +24.
+14.3 +52.
+50.0 +60.0

-0.5
-0.4
+1.3
0.0
0.0

Revision in Index Numbers of Factory Employment
and Payrolls of Bureau of Labor StatisticsIndex to Be Based on Three-Year Average, 192324-25, as 100, Instead of 1926 as Heretofore.
"The Bureau of Labor Statistics of the United States
Department of Labor has revised its index numbers of
factory employment and payrolls from January 1919 to
March 1934," Commissioner Lubin of the Bureau of Labor
Statistics, announced April 17. "Hereafter the Bureau's
index will be based on the three-year average, 1923-24-25,
as 100 as recommended by the Advisory Committee to
the Secretary of Labor," Mr. Lubin said. He further stated:
Two radical changes have been made in the index. First, the index
for each of the 90 separate industries surveyed each month has been adjusted to conform with the figures on employment and payrolls for previous
years as published by the Bureau of the Census. Similar adjustments
have been made for the 14 groups into which these industries are classified. and for the general index for all manufacturing industries.
This change has been made so that the indexes may reflect as accurately
as possible the changes in total factory employment and payrolls, not
only from month to month, but also over a period of years. The Bureau's
Indexes are based on returns supplied by representative manufacturing
establishments In each of the industries surveyed. The establishments
supplying these monthly data employ approximately 50% of all factory
wage earners of the country, and their combined reports indicate with
close accuracy the short-time trend in employment and payrolls. The
former indexes did not, however, accurately reflect the long-time trends.
They did not fully portray the increases resulting from the establishment
of new plants, or the decreases brought about by the permanent shut down
of establishments not included In the Bureau's sample. Such changes
are shown only by the complete coverage of every plant in each industry,
as made by the Biennial Census of Manufacturers. As now readjusted.
the Bureau of Labor Statistics' index makes allowance for new establishments coming Into existence, and old establishments dropping out.
A second change in the revised series of index numbers is the shifting
of the base from the 12-month average for 1926 to the average for the
three-year period. 1923-24-25. Henceforth, the average for these years
will equal 100 in the Bureau's index. This broader base was selected
as preferable to the single-year base, not only because it minimizes any
unusual condition which would greatly affect the relative position of
any industry in any single year, but also to place the Bureau's indexes on
a base similar to a number of other official and private series of indexes
on employment, payrolls and production.




2647

Data for the non-manufacturing industries are also being revised and
improved by the Bureau of Labor Statistics. More than 100,000 additional firms in the field of wholesale and retail trade, real estate, building
construction, dry cleaning and laundries have recently been added to
the roll of establishments reporting to the Bureau.

The United States Department of Labor, in announcing
this, said:
The Advisory Committee to the Secretary of Labor, which recommended
these changes and improvements, was appointed at the request of Secretary
Perkins by the American Statistical Association. The Committee consists of Bryce M. Stewart, Director of Research of Industrial Relations
Counselors; Ewan Clague, Director of Research. Community Council
of Philadelphia; Meredith B. Givens, Social Science Research Council;
Ralph G. Hurlin, Director of Statistical Research, Russell Sage Foundation;
Aryness Joy, Office of the Economic Adviser to the Executive Council;
Murray W. Latimer, Industrial Relations Counselors; Howard B. Myers,
Bureau of Statistics and Research, Illinois Department of Labor; Morris
A. Copeland, Executive Secretary, Central Statistical Board, and J.
Frederic Dowhurst, Twentieth Century Fund.

Fairchild Retail Price Index for April 1 Highest Since
August 1931-Increased 0.5 of 1% Over March 1.
Retail prices during March gained 0.5 of 1%, according
to the Fairchild Retail Price Index. Current quotations
show a gain of 29.1% above April 1 1933. The increase above
the 1933 low point is 29.6%. The index on April 1 at 90.0
(Jan. 3 1931 equals 100) compares with 67.9 as of April 1
1933 and 79.2 as of April 1 1932. The latest index is the
highest since August 1931. However, it is still 24% below
November 1929. The index further notes:
The movement of prices during the month was not uniform, for the
increase is largely to be explained by the sharp advances in men's clothing
prices, which gained 5.9%; fur prices, which gained 3.2%; blankets and
comfortables, which gained 3.5%. Women's apparel, however, advanced
1.3%. Women's apparel prices, however, showed a greater increase above
the corresponding period a year ago, as well as above the low.
Home furnishings recorded the second greatest advance, due to the gains
In domestics, floor coverings, and china and glassware. The increase in
piece goods and infanta' wear during the month was comparatively negligible.
However, piece goods prices are showing the greatest advance from the
low point, but still continue to show the greatest decline as L'ompared with
the January base.
There is a definite tendency of the various items included In the index
to move closer to the composite index. There are still a number of items
which are selling below replacement. The tendency continues against sharp
mark-ups.
THE FAIRCHILD RETAIL PRICE INDEX-JANUARY 1931=-100.
Copyright 1933. Fairchild News Service.
1932.

1933.

1934.

April 1, July 1. Arpil 1. May 1. Mar. 1. April 1.
Composite index
Piece goods
Men's apparel
Women's apparel
Infants' wear
Home furnishings
Piece goods:
Silks
Woolens
Cotton wash goods
Domestics:
•
Sheets
Blanketa & corafortables.
Women's apparel:
Hosiery
Aprons & house dresses_
etersets and brassieres_
Furs
Underwear
Shoes
Men's apparel:
Hosiery
Underwear
Shirts and neckwear_ _
Hats and caps
Clothing,incl. overalls...
Shoes
Infants' wear:
Socks
Underwear
Shoes
Furniture
Floor coverings
Musical instruments
Luggage
Elec. household appliances.
China and glassware

79.2
75.5
80.9
79.9
85.5
79.1

75.1
71.5
77.2
76.2
79.5
76.2

69.7
65.8
71.2
71.7
76.4
70.9

69.4
65.1
70.7
71.8
76.4
70.2

89.5
85.6
88.4
90.2
93.2
87.5

90.0
85.8
89.0
91.4
94.0
88.6

75.1
76.1
75.2

68.4
74.0
72.1

60.1
69.2
68.3

57.4
69.2
68.6

71.2
81.2
104.5

70.9
79.7
106.9

76.4
80.2

71.8
77.2

65.3
72.9

65.0
72.9

96.1
94.7

97.9
98.1

77.2
85.2
89.1
70.2
76.3
81.5

68.2
80.6
87.4
66.5
73.8
81.0

59.2
75.1
83.5
66.2
69.2
76.9

59.2
75.5
83.6
66.8
69.2
76.5

79.0
102.6
95.7
90.5
89.5
84.0

79.6
103.7
96.5
93.4
90.0
85.0

78.1
75.9
83.2
79.9
83.5
85.0

71.0
73.7
79.5
74.6
80.6
83.6

65.2
70.0
75.6
69.0
70.5
77.2

64.9
69.6
74.3
69.7
70.1
76.3

87.9
96.3
91.9
81.0
84.1
89.6

87.2
94.4
92.0
81.4
89.1
89.9

84.6
84.1
87.1
79.1
83.1
61.4
71.1
83.2
88.2

72.8
80.0
85.8
77.0
81.4
58.4
66.3
81.4
86.3

74.0
73.9
81.2
69.8
80.7
52.3
60.0
73.6
81.6

74.0
74.3
80.9
69.4
79.9
50.6
60.1
72.5
81.5 _

94.2
95.1
90.4
97.1
96.4
60.4
80.6
77.5
90.3

96.7
94.9
90.5
96.3
98.4
60.7
80.5
77.7
91.7

Index of Wholesale Commodity Prices of National
Fertilizer Association Unchanged During Week
of April 14.
Wholesale commodity prices as a group showed no change
during the week of April 14, according to the index of the
National Fertilizer Association. This index, based on 476
quotations, remained at 71.1 for the week. During the preceding week the index advanced one point, and two weeks
ago it declined two points. A month ago the index stood
at 71.3. There has therefore been a decline of two points
during the last four weeks. A year ago the index stood at
57.1. (The three-year average, 1926-1928, equals 100.) The
Association, under date of April 16, further said:
Only six of the 14 groups in the index were affected by price changes
during the latest week. Four groups declined and two advanced. Foods,
textiles, fats and oils, and fertilizer materials were lower. The largest
loss was shown in fats and oils. Fuel advanced because of higher prices
for gasoline. Metals also advanced.
During the latest week there were 22 price advances and 22 price declines
In the list of individual commodities that showed price changes. During
the preceding week there were 26 advances and 13 declines. Two weeks

23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3

Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements_ __ _
A II

ornnna rehmhluar1

Month
Ago.

Year
Ago.

70.8
68.7
55.0
71.8
69.6
91.3
80.5
79.7
85.2
48.7
93.0
67.5
75.9
92.4

71.1
68.1
55.0
71.9
69.6
91.3
80.5
79.2
85.2
50.4
93.0
67.6
75.9
92.4

72.2
67.9
54.6
72.4
69.5
91.3
80.0
78.8
85.2
52.1
93.3
67.7
75.9
92.4

57.6
50.6
41.6
43.7
58.2
84.9
71.6
66.9
75.9
43.9
87.1
61.5
62.4
90.2

711

71.1

71.3

57.1

PER CENT CHANGES (1934 OVER 1933).
Week Ended
Week Ended
1Veek Ended
Week Ended
April 14 1934. April 7 1934. Mar. 31 1934. Mar. 24 1934.

Major Geographic
Divisions.

-L1A

A

+16.5
+12.5
+22.4
+15.5
+14.3
+10.2
+16.8

New England
Middle Atlantic
Central Industrial_ _
Southern States
Pacific Coast
West Central
Rocky Mountain
+.......,'T...., Q.....

_L IR A

NON -4-4A.,
1

Group.

4441444"

Latest
PreWeek
April 14 ceding
Week.
1934.

Per Cent
Each Group
Bears to the
Total Index.

Coi::."*66CAO

WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100).

compares with 1,616,945,000 kilowatt hours produced during
the week ended April 7 1934, and 1,665,650,000 kilowatt
hours during the week ended March 31 1934. The gain for
the week ended April 7 1934 over the same period in 1933
was 15.5%.
The New England, Middle Atlantic, Central Industrial,
Southern States and Pacific Coast regions for the week ended
April 14 1934 showed larger percentage gains over the corresponding 1933 period than they did in the week of April 7
1934 over the April 8 1933 week. Smaller percentage increases were reported by the West Central and Rocky
Mountain regions. The Institute's statement follows:

0

ago there were 33 declines and 14 advances. Cotton was steady during
the latest week. Wheat was higher at Minneapolis, but lower at Kansas
City. Corn, cattle, hay and lambs advanced. Hogs and most feedstuffs
declined. Other commodities that advanced included apples, peanuts, oats,
copper, lead, silver, rosin, gasoline, and rubber. The list of declining
commodities in addition to those already mentioned included wool, burlap,
silk, butter, eggs, potatoes, cottonseed meal, and coffee.

Inn 11

April 21 1934

Financial Chronicle

2648

+19.2
+12.7
+27.0
+12.1
+12.3
+11.3a
+18.4

-L.15 II

.11, a
•

a Corrected figure.

Valuation of Construction Contracts Awarded.
March contracts for construction of all descriptions
amounted to $179,161,500; this was almost twice the total
reported for February and about three times the volume
of March 1933, according to F. W. Dodge Corp. Increases
over both the previous month and March of last year were
scored in each of the four principal classes of construction.
For the first quarter of 1934 contracts totaled $462,341,500 as contrasted
with only $196,026,800 in the corresponding quarter of 1933. For residential
building the gain over 1933 to date amounted to about 46%; for nonresidential building the increase was almost 85%; for public works the
1934 volume was more than 3% times the size of the 1933 total; while for
public utilities the first quarter's total was about 2% times as great as
In the corresponding period of 1933.
Contracts awarded in March showed gains over February in each of
the 13 Dodge districts except southern Michigan, where a relatively unimportant decline was reported. Gains over March 1933 were universal
throughout the 13 districts. Likewise, for the initial quarter of 1934 contracts showed gains over the corresponding quarter of 1933 in each of the
13 districts without exception.
The Dodge bulletin states: "During the second quarter of 1933 contracts
for all classes of construction in the 37 States as a whole totaled $236,086,600. For the second quarter of 1934, contracts in the same territory
should exceed $375,000,000 by a fair margin. Of the contract volume for
the second quarter of the current year it is probable that at least 70% of
the total will represent publicly-financed undertakings. During the initial
quarter of the year this class of work, totaling almost 350 millions, represented 75% of the contract total."
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
No. of
New Floor
Projects. Space (Sq. Ft.).
Month of March1934-Residential building
Non-f esidential building
Public works and utilities
Total construction
1933-Residential building
Non-residential building
Public yanks and utilities
Total construction
First Three Months1934-Residential building
Non-residential building
Public works and utilities
Total construction
1933-Residential building
Non-residential building
Public works and utilities
Total construction

2,962
2,957
2.006

828,076.100
57,338,100
92.940.600

7,925

14,788,900

$178,354,800

3,198
2.254
851

4,773,000
5,000,300
116,900

816.021,000
26,359,100
17,578,400

6.303

9,890,200

$59,958,500

6,657
8,631
5,872

14.528,400
17,466.100
669,400

$57,706,800
143,969,000
259,859,000

21,160

32.663.900

$461.534,800

6.878
5,252
1,857

11.082,200
13,545.600
1,097.300

$39,777,200
78,761,100
77,488,500

13,987

25,725,100

$196,026,800

Valuation.

3,626
3.984
2,079

$99,501,500
101,911.800
207,657.800

4,101
3,049
1,321

$32,965,800
65,768,900
46.033,500

9.689

$409,071,100

8,471

$144,768,200

First Three MonthsResidential building
8,496
Non-residential building
12,460
Public works and utilities.... 7,474

$184,425,600
380,710,400
756,247,200

9,092
7,419
3,630

$75,151,000
138,062,400
147,584,000

31.321,383,200

20,141

$360.797.400

Total construction

Total construction

28.430

Weekly Electric Output Shows Improvement.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of
the United States for the week ended April 14 1934 amounted
to 1,642,187,000 kilowatt hours, an increase of 16.5% as compared with the corresponding period in 1933, when output
totaled 1.409,603,000 kilowatt hours. The current figure also




Week of-

May 6 1,435,707,000
May 13 1,468,035,000
May 20 1,483.090,000
May 27 1,493,923,000
June 3 1,461,488,000
June 10 1,541,713,000
June 17 1,578,101.000
June 24 1,598,136.000
July 1 1,655,843,000
July 8 1,538,500,000
July 15 1,648,339,000
Ju.y 22 1,654.424,000
July 29 1,661,504,000
Aug. 5 1,650,013,000
Aug. 12 1,627,339,000
Aug. 19 1,650,205,000
Aug. 26 1,630,394,000
Sept. 2 1,637,317,000
Sept. 9 1,582.742,000
Sept. 16 1,663,212,000
Sept. 23 1,638,757,000
Sept. 30 1,652,811,000
Oct. 7 1,646.136.000
Oct. 14 1,618,948,000
Oct. 21 1,618,795,000
Oct. 28 1,621,702,000
Nov. 4 1,583,412,000
Nov. 11 1,616,875,000
Nov. 18 1,617,249,000
Nov. 25 1,607,548.000
Dec. 2y1,553,744,000
Dec. 9 1,619,157,000
Dec. 16 1,644,018,000
Dec. 23 1,656,616.000
Dec. 30 1,539,002.000

May 7 1,429,032,000
May 14 1,436,928,000
May 21 1,435,731,000
May 28 1,425,151,000
June 4 1,381,452,000
June 11 1,435,471,000
June 18 1.441,532,000
June 25 1,440,541,000
July 1 1,456,961,000
July 9 1,341,730,000
July 16 1,415,704,000
July 23 1,433,990,000
July 30 1,440,386,000
Aug. 6 1,426,988.000
Aug. 13 1,415,122,000
Aug. 20 1,431,910,000
Aug. 27 1,436.440,000
Sept. 3 1,464,700,000
Sept. 10 x1,423,977,000
Sept. 17 1,476,442,000
Sept.24 1,490,863,000
Oct. 1 1,499,459,000
Oct. 8 1,506,219,000
Oct. 15 1,507,503,000
Oct. 22 1,528.145,000
Oct. 29 1,533,028.000
Nov. 5 1,525,410,000
Nov. 12 1,520,730,000
Nov. 19 1,531,584.000
Nov. 26 y1,475,268,000
Dee. 3 1,510,337,000
Dec. 10 1,518,922,000
Dec. 17 1,563,384,000
Dec. 24 1.554.473,000
Dec. 31 1,414.710,000

May 9
May 16
May 23
May 30
June 6
June 13
June 20
June 27
July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Aug. 22
Aug. 29
Sept. 5
Sept. 12
Sept. 19
Sept. 26
Oct. 2
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26

1934.
1,563.678,000
1,646.271.000
1,624,846,000
1.610,542,000
1,636,275.000
1.651,535,000
1,640,951.000
1,640,465,000
1,658.040,000
1,647,024,000
1,650,013.000
1,658,389,000
1,665.650,000
1,616,945,000
1,642,187,000

1933.
Jan. 73.1,425,639,000
Jan. 14 1,495,116,000
Jan. 21 1,484,089.000
Jan. 28 1,469,636,000
Feb. 4 1.454,913,000
Feb. 10 1,482,509.000
Feb. 18 1,469,732,000
Feb. 25 1,425,511,000
Mar. 4 1,422,875,000
Mar. 11 1,390,607,000
Mar. 18 1,375,207,000
Mar,25 1,409,655,000
Apr. 1 1.402,142.000
Apr. 8 1,399,367,000
Apr. 15 1.409,603,000
Apr. 22 1,431,095,000
Apr. 29 1,427,960,000
May 6 1,435,707,000

Jan. 2
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar, 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7

Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar, 24
Mar. 31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5

1931.

1933 Over
1932.

0.5%
1,637,296,000
2.2%
1,654,303,000
1,644,783,000
3.3%
4.8%
1,601.833.000
5.8%
1,593,662,000
1,621,451,000
7.4%
1,609,931,000
9.5%
1,634,935,000 10.9%
1,607,238,000 13.7%
1,603,713.000 14.7%
1,644,638,000 16.4%
1,650,545,000 15.4%
1,644,089,000 15.4%
1,642,858,000 15.6%
1,629,011,000 15.0%
1,641,229,000 15.2%
1,637.533,000 13.5%
1,635,623,000 11.8%
1,582,267,000 11.1%
1,662.660,000 12.7%
1,660,204,000
9.9%
1.645,587,000 10.2%
1,653,369,000
9.3%
1,656,051,000
7.4%
5.9%
1,646,531,000
1,651,792,000
5.8%
1,628,147,000
3.8%
1,623,151,000
6.3%
1.655,051,000
5.6%
1,599,900,000 } 5.9%
1,671,466,000
1,617,717,000
6.6%
5.2%
1.675,653,000
6.6%
1,564,652,000
8.8%
1932.
1934 Over
1,523,652,000
1933.
1,619,265,000
9.7%
1,602,482,000 10.1%
1,598,201,000
9.5%
1,588,967,000
9.6%
1,588,853,000 12.5%
1,578.817,000 11.4%
1,545,469,000 11.6%
1,512,158,000 15.5%
1.519,679,000 16.5°4
1,538,452.000 18.4%
1,637,747,000 20.0%
1,514,553,000 17.6%
1.480,208,000 18.8%
1,465,076,000 15.5%
1,480,738,000 16.5%
1,469,810,000
1,454,505,000
1,429,032.000
-

x Revised figure. 3,Includes Thanksgiving Day.
DATA FOR RECENT MONTHS.

Month of-

1934.

1933.

1932,

January _ _ _ _ 7,131,158,000 6,480,897,000 7,011,736,000
February_ _ _ 6,608,356,000 5,835,263,000 6,494,091,000
March
6,182.281,000 6,771,684,000
April.
6,024.855,000 6,294,302,000
May
6,532,686.000 6,219,554,000
June
6,809,440,000 6,130,077,000
7,058,600,000 6,112,175,000
July
7,218,678,000 6,310,667,000
August
6,931,652,000 6,317,733,000
September.
7,094,412.000 6,633,865,000
October
6,831,573,000 6,507,804,000
November _
7,009,164,000 6,638,424,000
December_

1931.

4.04
CI C.C 0:erCO CO

No. of
Projects.

1932.

Ce.
0

Month of MarchResidential building
Non-residential building
Public works and utilities

Valuation.

1933.

Week of-

1933.

.icloci4dOcticco
mnnwoor-coccorinac
1-Zont-4.:re.:cOn

NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.

No. of
Projects.

Week of-

Valuation.

•
6,950,600
7,595.460
242,900

1934.

Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:

1934
Over
1933.
10.0%
13.2%
...- ....
.-........
_...
--- - --- -- -

Total
80.009.501.000 77.442.112.000 86.073.989.000
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%

Increase of 20% in Wages of Farm Hands from April 1
1933 to April 1 1934 Reported by Bureau of Agricultural Economics.
Wages of farm hands have advanced more than 20%
during the past year, from 73 as an index figure on April 1
1933 to 88 on April 1 1934, according to the Bureau of
Agricultural Ecbnomics, United States Department of Agriculture. A slightly more than seasonal gain is reported since
Jan. 1 when the index was 81. The 1909-14 average equals

Financial Chronicle

Volume 138

100. An announcement issued under date of April 12 by the
Department of Agriculture added:
Day wages without board ranged from 75 cents in South Carolina and
Georgia to $2.40 in Massachusetts, on April 1 and averaged $1.27 for the
country as compared with $1.05 a year ago. The average on Jan. 1 last
was $1.21. The advance in wages during the past year is attributed to
increased demand for farm hands and a reduced supply.
Better prices for farm products and increased farm incomes have enabled
farmers to hire more hands and pay them better wages, says the Bureau,
whose crop correspondents report that there were 80 hired workers on
every 100 farms this April 1 as contrasted with 64 on Jan. 1 and with 79
a year ago. Also the higher farm wages are believed to reflect increased
opportunity for jobs outside of farming.
The supply of farm labor, expressed as a percentage of demand. was
154.2% of normal on April 1. against 173.4 in January, and 213.5 a year
ago. The April 1 supply-demand ratio is the lowest since July 1931.

Lumber Orders at Mills Show Further Slight Decline.
Production at the lumber mills during the week ended
April 14 1934, was heavier than during any week since last
August except for two weeks in March; new business received
was somewhat less than during any of the preceding six
weeks, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of 1,511 leading hardwood
and softwood mills. These mills reported production 207,960,000 feet;shipments, 193,361,000feet;orders, 193,272,000
feet. Revised figures for 1,534 mills for the week ended
April 7 were production, 202,568,000 feet; shipments,
194,653,000 feet; orders, 194,626,000 feet. Further reviewing
lumber operations during the week of April 14, the Association went on to say:
West Coast, Southern Pine and California Redwood regions, as in the
preceding week, were the only softwoods to report orders less than production during the week ended April 14 1934. Likewise the southern
and
Appalachian was the only hardwood region reporting orders greater
than
output during the week. Total softwood orders were 9% below production;
hardwood orders. 3% above hardwood output. Every region showed
orders and production above those of corresponding week in 1933,
total
softwood orders being 24% above, and hardwood orders, 30% above,
those
of a year ago; production exceeded that of a year ago by 56% and
shipments
were 18% above shipments of similar week of 1933.
Unfilled orders as reported by 1.745 mills during the week ended April
14
1934 totaled 886,520,000 feet; gross stocks were 5,289,376,000 feet.
Identical
mills reported unfilled orders the equivalent of 26 days' average
production
as compared with 20 days' a year ago and stocks the equivalent
of 147 days'
production as against 150 days' on similar date of 1933.
Forest products carloadings during the week ended April 7 totaled
23,550
cars, a decrease of 412 cars below the preceding week, but increase
of 6,766
cars above the same week of 1933 and 3,955 cars above similar
week of 1932.
Lumber orders reported for the week ended April 14 1934,
by 992 softwood mills totaled 162,651,000 feet; or 9% below the
production of the same
mills. Shipments as reported for the same week were
166,646.000 feet, or
6% below production. Production was 178,126.000
feet.
Reports from 567 hardwood mills give new business
as 30,621.000 feet,
or 3% above production. Shipments as reported for
the same week were
26.715,000 feet, or 10% below production. Production was
29,834,000 feet.
Unfilled Orders and Stocks.
Reports from 1,745 mills on April 14 1934, give unfilled
orders of 886.520.000 feet and gross stocks of 5,289,376,000 feet.
The 517 identical
mills report unfilled orders as 608.377.000 feet
on April 14 1934, or the
equivalent of 26 days' average production, as
compared with 471,282,000
feet, or the equivalent of 20 days' average production
on similar date a
year ago.
Identical Mill Reports.
Last week's production of 419 identical softwood mills
was 154.331,000
feet, and a year ago it was 101,301.000 feet; shipments
were respectively
145,756,000 feet and 123,933.000; and orders received
141,918.000 feet
and 114,413.000 feet. In the case of hardwoods,210 identical
mills reported
production last week and a year ago 18.398,000 feet
and 9,320,000; shipments 16.155,000 feet and 13,693,000 and orders
19,359,000 feet and
14.843.000 feet.
SOFTWOOD REPORTS.
Vest Coast.
The West Coast Lumbermen's Association reported
from Seattle that
for 586 mills in Washington and Oregon, shipments
were
duction, and orders 16% below production and 6% below 13% below proshipments. New
business taken during the week amounted to 82,611,000
feet (previous week
86,277,000 at 579 mills); shipments 86,039.000 feet, (previous
week 87,362.000); and production 98.890,000 feet.(previous week
93.714.000). Orders on
hand at the end of the week at 586 mills were 382,373,000
feet. The 184
dentical mills reported a gain in production of 44%, and
in new business an
increase of 22% as compared with the same week a year
ago.
Southern Pine.
The Southern Pine Association reported from New
Orleans that for
162 mills reporting, shipments were 14% below production, and
orders 3%
below production and 13% above shipments. New business
taken during
the week amounted to 27.535,000 feet, (previous week
21,502.000 at 190
mills); shipments 24,281,000 feet, (previous week 25,418,000);
and production 28,275,000 feet, (previous week 31.363,000). Orders on
hand at the
end of the week at 162 mills were 93,422,000 feet. The 85 identical
mills
reported an increase in production of 14%, and in new business
a gain of
10%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore.,
that for
129 mills reporting, shipments were 7% above production, and orders
1%
above production and 5% below shipments. New business taken during
the
week amounted to 41,356.000 feet, (previous week 43.476.000 at 137
mills);
shipments 43.646.000 feet, (previous week 42,307.000); and
production
.10,814,000 feet. (previous week 39.730.000). Orders on hand at the
end of
the week at 129 mills were 142,656,000 feet. The 124 identical mills
reported a gain in production of 96%, and in new business an increase
of
40% as compared with the same week a year ago.




2649

Northern Pine.
The Northern Pine Manufacturers of Minneapolis, MUM., reported
production of 27 American mills as 493,000 feet, shipments 2,045,000 feet
and new business 1,305,000 feet. Orders on hand at the end of the week
were 5,466.000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production of 17 mills as 6,651.000 feet, shipments 5,159,000 feet and new
business 4,512,000 feet. Orders on hand at the end of the week were 33.268,000 feet. Twelve identical mills reported productino 137% greater
and new business 0.3% above that of the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production of 23 mills as 1,134,000 feet. shipments 2.752,000 feet
and new business 2,262,000 feet. Orders on hand at these Mi11B at the end
of the week were 5.682,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production of 20 mills as 1,416,000 feet,
shipments 1,341,000 and orders 2.133.000 feet. Week-end orders on hand
at 12 mills were 5.734,000 feet. The 14 identical mills reported an increase
of 559% in production and a gain of 61% in new business, compared with
the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production of 28 mills as 453,000 feet, shipments 1.383.000 and orders 937,000 feet. Orders on hand at the end of the week were
7,766,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production of 353 mills as 24,213,000 feet, shipments 22,176,000 and new
business 26,212,000. Orders on hand at the end of the week at 589 mills
were 182,558.000 feet. The 196 identical mills reported production 82%
greater, and new business 25% greater than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production of 20 mills as 3.006,000 feet.
shipments 2,165,000 and orders 2,270,000 feet. Orders on hand at the end
of the week at 18 mills were 8,249,000 feet. The 14 identical mills reported
an increase of 352% in production and a gain of 114% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis, reported
Production of 166 mills as 1,534,000 feet; shipments, 1,461,000 feet; orders.
1,072,000 feet; unfilled orders, 12,972,000 feet.
The Northeastern Lumber Manufacturers Association, of New York
reported hardwood production of 28 mills as 1.081.000 feet. shipments
913,000 and orders 1,067,000 feet. Week-end orders on hand were 6.374.000
feet.

Automobile Financing During February 1934.
A total of 132,485 automobiles were financed in February,
on which $47,099,890 was advanced,compared with 109,997,
on which $36,533,359 was advanced,in January, the Department of Commerce reported on April 11.
Volume of wholesale financing in February was $62,551,490
as compared with $36,577,358 in January.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 456 identical organizations, are presented in the table below for January
and February 1934 and for July to December 1933; and for
282 identical organizations for January and February 1934
and for January to December 1933. The increase in the
number of reporting organizations from July 1933 to February 1934 resulted from the inclusion of additional organizations. The changes in the number of organizations included have not greatly affected the totals, as is indicated
by comparisons for the same months appearing in the two
summaries.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.

Wholesale
Financing
Volume.
in Dollars.

Total.
Number
of Cars.

Volume
in Dollars.

Summary for 456 Identical Orga atzations.
1934January•
336,577,3.58 109,997 $36,533,359
February
62,551,490 a132,485
47,099,890
Total(2 months)- 399,128,848 242,482 $83,633,249
1933 bJuly
58,793,704 194,552
68,522,872
August
70,705,795 211,708
74,813,725
September
52,276,214 184,998
65,665,515
October
39,776,604 172,432
60,316,106
November
18,364,889 135,584
46,063,578
December
17,060,916 108,606
35,217,934
cSummary for 282 Identical Orga nizations.
1934January
$35,879,064 101.700 134.437,380
February
61,513,896 d124,349
45,377,552

New Cars Financed.
Number
of Cars.

Volume
In Dollars.

35,691 319.841.711
54.455
29,699,621
90,146

$49,541,332

86,926
94,613
80,928
73,002
51,356
33,729

44,694,167
48,860,024
42,166,003
37,940,369
27,077,214
18,486.989

34,426
52,772

319.189,736
29,290,038

Total(2 monthsl_
1933January _,
February

$97,392,960

226,049

179.814,932

87.198

$48,479,774

30,133,915
27,514,654

92,083
87,512

31,280,101
29,188,663

35,546
32,609

18,327,630
16,842,415

Total(2 months)
March
April
May
June
July
August
September
October
November
December

$57.648,569
27,706,336
40.840.508
5.5,005,590
56,937,616
57.866,453
69.613,121
51,127,428
38,962,531
17,703,226
16.572,650

179,595
101,458
132.088
168,328
185,286
182,244
198,911
173.770
162,140
126,855
100,457

$60,468,764
33,546,689
45.337.026
58,192,788
65,514,154
65,152,510
71,186,944
62,538.790
57,502,969
43,889,055
33,124,069

68,155 $35,170,045
38,329
19,463.540
55.571
28.225,885
75.025
37,475,257
84,358
43,004,313
84,282
43,333,572
91,617
47,290,779
78,379
40,887,086
70,669
36.790,012
49,719
26,278,194
32,467
17.794,238

3489.984,028 1,711.130 $596.453,758

728.571 $475.712,921

Total (year)

Financial Chronicle

2650
Retail Financing.
Year
and
Month.

Used Cars Financed.
Number
Of Cars.

Volume
in Dollars.

Summary for 458 /donne at Organized ions.
1934$15,884,436
71.607
January*
75,283
16,510.453
February
$32,374,889
146,890
Total (2 months)
1933 b22,538,097
103,554
July
112,917
24,580,709
August
22,231,578
100.265
September
21,323,104
95,947
October
18,116,265
81,550
November
72,279
15,933,279
December
cSummary for 282 /define at Organtzat ions.
193414,420,432
64,575
January
15,197,698
68,830
February

Unclassified.
Number
of Cars.

Volume
in Dollars.

2,699
2,747

$827.212
889,818

5,446

81,717,028

4,072
4,178
3.805
3.483
2,678
2,598

1,288,608
1,372.992
1,267,934
1,052,633
870.099
797,666

2,699
2,747

827,212
889,816

Total (2 months)
1933January
February

133,405

$29,618.130

5,448

31,717,028

54,234
52,796

12,173,577
11,725,419

2,303
2,107

778,894
620,829

Total (2 months)
March
April
May
June
July
August
September
October
November
December

107,030
60,625
73,267
89,260
96.741
93,930
103,161
91,611
87,998
74,458
65,392

$23,898,996
13,335,403
16,106,512
19,428,060
21,181,515
20,542,189
22,535,753
20,392,629
19,665,186
16,740,762
14,532,165

4,410
2,502
3,250
4,043
4,187
4,032
4,133
3,780
3,473
2,678
2,598

81,399,723
747,746
1,004,629
1,289,471
1,328,326
1,276,749
1,380,412
1,259,075
1,047,771
870,099
797,656

812,381,667
39,086
943,473 $208,359,170
Total (year)
* Revised. a Of this number 41.1% were new cars, 56.8% used cars and 2.1%
unclassified. b Data prior to July not available. c Of these organizations 8 discontinued automobile financing in January and 2 in February 1934. d Of this
number 42.4% were new cars, 55.4% used cars and 2.2% unclassified.

World Wheat Advisory Commission Adjourns Rome
Parley After Adopting Report Urging Reduction
in Acreage-Delegates Will Reassemble in London
May 7-American Proposals Endorsed.
The World Wheat Advisory Commission, which has been
meeting at Rome,Italy, adjourned April 17 after approving
a report which stressed the desirability of further measures
to reduce production. The Commission planned to assemble
again in London on May 7, and in the meanwhile delegates
are expected to take up with their respective governments
proposals to reduce wheat acreage on a wide scale.
The initial sessions of the Commission were described in
our issue of April 7, pages 2333-34. The most important
action taken by the conference was the adoption on April 16
of a United States motion for a further cut in wheat production. A summary of this report, together with a listing
of other principal accomplishments at the meeting, was given
as follows in Associated Press advices from Rome April 16:
The Americans contended that minimum price needs, denaturing, reduction of milling percentages and similar proposals are of less importance
than production limitation. The Commission, agreeing to this motion,
decided to place reduction on the agenda of its June meeting in London.
The Americans are expected to submit definite proposals at the London
meeting.
The conference, which will polish off final details of its reports and adjourn to-morrow, has these achievements to its credit:
An agreement on a definite plan for establishing and maintaining a
minimum price for exported wheat, with the actual prices to be established
by a committee of experts in London from month to month provided the
government represented approves the plan.
The drafting of a report setting forth in general terms the discussion of
denaturing wheat to render it unfit for human consumption.
The writing of a report of flour milling restrictions, intended as the basis
for subseurfent discussion.
The preparation for the interested government of a report on the French
proposal that wheat-exporting nations give tariff concessions in return for
guaranties of importers to cut their production.
Ofthese,the minimum price scheme was regarded as the principal achievement of the conference. This is intended as a supplement to the London
agreement of last August on restriction of exports. This plan suggests
tentative levels 5 to 10% higher than present prices based on cost insurance
and freight delivered at Liverpool.
The purpose of the denaturization project is to remove low-grade wheat
from competition in the markets with better grades. The suggestion was
made that a bushel of wheat dyed blue be mixed with 19 bushels of poor
quality uncolored wheat. This would prevent it from being made into flour,
but it still could be fed to poultry.

A cable from Rome April 17 to the New York "Journal of
Commerce" described the closing session of the conference
as follows:
While American markets for wheat were weakening under speculative
selling the United States delegates to the World Wheat Commission to-day
urged the other wheat exporting nations to scale down their production
drastically through acreage reduction.
The American representative, Frederick Murphy of Minneapolis, told
the conference that the question of crop reduction was far more important
than the establishment of minimum export prices, with which the delegates
have been chiefly concerned since the conference started.
Mr. Murphy submitted several alternative proposals to effect this plan.
To bring about absorption of excess world wheat supplies over the next
three years, he proposed that production be lowered in the chief producing
countries 250,000,000 bushels, about 13,000,000 acres, or 14% of the total.
Allowance was made for the possible increase in the per acre yield on the
acreage now under cultivation, also for the likelihood of intensified cultivation on the reduced acreage. If applied to the United States, Canada,
Argentina and Australia. the Danubian countries and whatever co-operation
may be offered by the importing countries the object would be achieved.




April 21 1934

Under a second alternative in the American plan stocks would be absorbed in two years, which would call for reductions totaling 320,000,000
bushels annually, 36,000,000 acres, or 25% of the aggregate production
acreage.
A third alternative would bring about the desired result in one year, but
this would require a reduction In production of540.000,000 bushels,50,000.000 acres, or 35% of the total area.
Mr. Murphy made it plain in offering his plan that exporting countries
would have to join in a program which calls for much more curtailmenti
effort than provided by the plans adopted in London last summer. Otherwise a balance between world production and consumption which will
provide the wheat farmer with a reasonable and profitable price cannot be
achieved, he said.'
The speaker also urged that action on acreage reduction for 1935-36 be
taken at this meeting of the Commission, or not later than next month at
London.
In some quarters of the conference it was believed that nations other
than the United States would find it difficult, if not impossible, to bring
about wheat reduction, if such plans could only be achieved through subsidles and benifications to agriculture. The governments involved are
financially unable to go through with such a program, it was believed.

Proceedings April 12 were noted in part as follows in an
Associated Press Rome dispatch of that date:
The Commission decided to place on record without recommendations
the reports on a French proposal that nations receiving advantages by the
curtailment of wheat crops in importing nations-such as France-should
grant special privileges to industrial exports of these nations.
In the case of France, this scheme would mean that the United States,
Canada and Argentina would accord privileged entry to French perfumes
and wines-and perhaps other goods-in exchange for a reduction in the
French wheat crop.
Simultaneously, negotiations were proceeding quietly on another front
In the many-sided assault on low wheat prices. American, Canadian and
Australian delegates agreed in principle that an additional export quota,
increasing the allotment fixed by international accords in London last
August, should be granted Argentina for the next wheat year beginning
Aug. 1.
The delegates said they expected to have no difficulty in reaching a compromise.

Delegates from the United States, Canada and Australia
who remained at Rome after formal adjournment of the
conference formulated an agreement on April 19 for a proposed increase in the Argentine wheat export quota for
1933-34. The proposals will be transmitted by the Argentine
delegates to Buenos Aires. Associated Press advices from
Rome April 19 outlined this plan as follows:
In response to Argentina's request for an increase of 40,000,000 bushels,
the tri-power post-conference agreement offers 30.000,000 bushels from
this quota as a loan to be repaid by Argentina in one or two years by giving
the trio part of her quotas. There are several conditions attached to the
offer:
First, that Argentina begin next year to reduce her wheat acreage;
second, that Argentina agree to put in effect a minimum price agreement;
third, that Argentina agree to denaturize 10,000,000 bushels of wheat
which she would be permitted to export outside the quota.
The 30.000,000-bushel loan would be divided as follows: The United
States, 12,000,000; Australia, 12,000,000; Canada. 6,000,000.

Sugar Consumption of 14 Principal European Countries
1.8% Higher During Six Months Ended Feb. 28
as Compared with Same Period Year Ago.
Consumption of sugar in the 14 principal European countries during the six months' period ending Feb. 28 1934,
totaled 3,521,411 long tons, raw sugar value, as against
3,458,144 tons consumed during the similar period ended
Feb. 28 1933, an increase of 63,267 tons, approximately
1.8%, according to European advices received by Lamborn
& Co. The 14 countries included in the survey are Austria,
Belgium, Bulgaria, Czechoslovakia, France, Germany,
Holland, Hungary, Irish Free State, Italy, Poland, Spain,
Sweden and the United Kingdom.
Sugar stocks on hand for these countries on March 1 1934
approximated 4,568,345 tons, the company announced
April 17, as compared with 4,648,635 tons on the same
date last year, a falling off of 80,290 tons.
World Consumption of Coffee July 1 to March 31
Higher Than Like Period Year Before, According
to New York Coffee & Sugar Exchange.
The New York Coffee and Sugar Exchange announced
April 6 that world consumption of coffee is continuing at a
record rate, deliveries for the nine months of the crop year,
July 1 to March 31, totaling 18,925,331 bags against
16,827,245 bags in the 1932-33 period, a gain of 12.5%.
United States consumption amounted to 9,586,331 bags
against 8,431,245 bags, the Exchange said, a gain of 13.7%.
The Exchange continued:
Europe accounted for 8,364,000 bags against 7,628,000 bags, an increase
of 9.6%, while the rest of the world took 975,000 bags against 768,000 bags,
a gain of 27%. In the opinion of the trade, rising prices have caused a
building up of invisible supplies which accounted in part for the large
disappearance into consumptive channels. The fact that deliveries to
other than Europe and United States are 27% above the previous year is
a definite indication of the success of the campaign conducted by Brazil
and Colombia during the last few years for the increase of consumption
in countries that, in the past, have consumed little, if any, coffee. Their
conviction that coffee, properly grown, carefully blended and expertly prepared, will gain immediate popularity once tasted, has proved well
founded.

Volume 138

Financial Chronicle

Larger Shipments of Raw and Refined Sugar from
Puerto Rico to United States Reported Up to
April 14 This Year as Compared with Same Period
Last Year.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to April 14 totaled 320,521 short tons, an
Increase of 27% when compared with shipments of 252,582
short tons during a similar period last year, according to
cables to the New York Coffee and Sugar Excrhange, announced by the Exchange April 14. Refined shipments
amounted to 35,550 short tons, a 13% increase over the 34,801
ton total for the 1933 period. The Exchange said that ship
ments of raw and refined together for the week ending
April 14 amounted to 33,450 tons against 38,827 tons in the
same week last year. About 40% of the total available for
the United States of the 1933-34 crop has been shipped
to date.
*Production of Sugar in Germany During Crop Year
Sept. 1 1933 to Aug. 31 1934 to Be Higher Than
Previous Crop, According to B. W. Dyer & Co.
Sugar production in Germany during the crop year, Sept. I
1933 to Aug. 31 1934, when completed will approximatt
1,390,000 long tons, raw sugar value, according to B. W
Dyer & Co., sugar economists and brokers. This compares
with 1,049.329 tons produced the previous crop year, 1.542 350
tons during the 1931-32 crop year, and 2,488,637 tons produced in the 1930-31 crop year. The firm further reported:
Consumption of sugar in Germany during the crop year 1980-31 amounted
to 1,656 709 tons, whereas only 1,452,745 tons were consumed during the
September-August period of 1932-33.
German exports of sugar during the first five months (September to
January) of their 1933-34 crop year were practically negligible, amounting
to only 2,336 tons, when compared with the exports of the September to
August period of 1930-31, which amounted to 427,291 tons.

Production of Cotton in India H'gher-4,613,000 Bales
Grown During Year Ended Aug. 31 1933 as Compared with 4,025,000 Bales Year Previous.
Progress in India's cotton industry is revealed in a report
to the United States Commerce Department from Trade
Commissioner C. E. Christopherson, Calcutta. According
to figures published in the annual report of the Indian
Central Cotton Committee, Bombay, for the year ending
Aug. 31 1933, the area under cotton totaled 22,558,000
acres compared with 23,722,000 acres during the preceding
year and 28,403,000 in 1925-26. The condition of last year's
crop, the report stated, was fair, with the result that the
final estimated yield stood at 4,613,000 bales of 400 pounds,
compared with 4,025,000 bales for the year 1931-32. The
average yield per acre during the last cotton year was 80
pounds, compared with 68 pounds in the 1931-32 season.
We further quote as follows from an announcement issued
March 28 by the Commerce Department:
Cotton pressed during the year totaled 3.311.130 bales in British
India and 1.351.640 bales in Indian States, making a total of 4,662.770
bales for the whole of India, compared with 3.309.180 bales during 1931-32.
The average yield per acre during the last cotton year was 80 pounds,
compared with 68 pounds in 1931-32 season.
Cotton pressed during the year totaled 3.311.130 bales in British India
and 1.351,640 bales In Indian States, making a total of 4.662.770 bales
for the whole of India. compared with 3.309.180 bales during 1931-32.
The quantity of loose cotton received by the mills during the year amounted
to 215,280 bales, compared with 211,790 bales during the preceding year.
Prices of Indian cotton which were above parity with American cotton
during the preceding season declined relatively during the year, with the
result that imports of American cotton fell off considerably. The uncertainty of Indian mill demand, due to large Imports of Japanese piece
goods and the threatened boycott of Indian cotton by Japan were further
depressing influences on the markets.
Consumption of Indian cotton in India. excluding Bombay Island, has
risen during the past 10 years from 1,073.330 bales to 1,794,980 bales.
Exports during 1932-33 totaled 2.741.000 bales compared with 1,582,000
bales during the preceding cotton year.

2651

In Asia there was a decline in the consumption of American cotton the
past six months where as consumption of Indian cotton increased. The
price of Egyptian cotton also has been lower relative to American than for
two or three seasons, and the consumption of Egyptian has increased relative to the consumption of American, particularly in Europe where most
of the Egyptian is consumed."
Favorable progress in the European cotton textile industry duHng February with sales generally increased and mill activity holding about the same
as in the preceding two months. is reported: but in Great Britain. sales
of cotton textiles during February and the first part of March were considerably below production, and mill activity has been reduced somewhat.
Sales of cotton textiles in the United States during February were probably
well in excess of production but reports indicate that sales were below output toward the end of February and the first part of March,says the Bureau.

Slightly Larger Than Seasonal Decrease Reported in
World Consumption of All Cottons from January
to February—Consumption During February Largest for That Month in Three Years.
World cotton spinners consumed approximately 2,084,000
bales of all kinds of cotton during February as compared
with 2,222,000, revised, in January, 1,993,000 in February
last year, 1,933,000 two years ago, 1,830,000 three years
ago and 2,118,000 four years ago, according to a report
issued April9 by the New York Cotton Exchange Service. The
decline of 138,000 bales in consumption from January to
February this year was slightly more than seasonal. On a
percentage basis, the decline in the use of all growths was
6.2% as compared with an average decline from January
to February in the past six years of 4.9%. World consumption of both American and foreign cottons registered slightly
more than the usual seasonal decline from January to February. Consumption of American cotton declined 7.2% this
year as compared with an average decline of 5.7% in the
past six years, while consumption of foreign growths declined
5.0% as compared with an average decline of 3.9%. During
the seven months of this season from Aug. 1 to Feb. 28,
spinners of the world used 14,827,000 bales of all growths
of cotton as compared with 13,998,000 in the corresponding
portion of last season, 13,631,000 two season ago, 12,809,000
three seasons ago, and 15,102,000 four seasons ago. The
Exchange Service also says:
All of the major divisions of the world cotton spinning industry used
more cotton in February than in February a year ago, and all divisions
except Great Britain used more than two years ago. Domestic mills consumed 478.000 bales of all growths of cotton during February as compared with 441.000 in February last year. 451.000 two years ago. 434.000
three years ago, and 495.000 four years ago. British spinners used 214.000
bales as against 205.000 last year. 229,000 two years ago. 157.000 three
years ago, and 222.000 four years ago. Spinners on the Continent consumed 668.000 bales as against 640.000 last year. 634.000 two years ago,
597.000 three years ago and 721.000 four years ago. The Orient and minor
consuming countries used 724.000 bales as against 707.000 last year. 619,000
two years ago. 642,000 three years ago and 680,0011 four years ago.

Poles Buy $200,000 Russian Soviet Cotton.
United Press advices from Warsaw March 28 stated:
A group of textile mill owners at Lodz to-day signed a contract with
the Soviet trade delegate here to purchase 2.500 bales of Soviet cotton
for 8200.000. It was the first contract signed here for Russian cotton
since the World War, the Poles having placed their orders exclusively in
the United States.

Consumption of Raw Cotton in Italy During 1933
Reported 16% Above 1932—Exports of Cotton
Goods Declined.
Italy increased its purchases of raw cotton by 16% in
1933 compared with the preceding year, according to a report
to the United States Commerce Department from Trade
Commissioner E. Humes, Rome. Total imports amounted
to 219,776 tons in 1933, compared with 190,200 tons in 1932.
The report, made public by the Commerce Department on
April 9, further said:

Consumption of Foreign Cotton Increased More Than
American Cotton, According to Bureau of Agricultural Economics.
European consumption of Indian and Egyptian cotton
has increased relatively more than consumption of American
cotton, principally because of an unusual price spread in
favor of the foreign growths, according to the Bureau of
Agricultural Economics, United States Department of Agriculture, in its current report on world cotton prospects.
An announcement issued April 3 by the Department of
Agriculture, in noting the foregoing, continued:

Consumption of cotton by the mills exceeded the number of bales used
in 1932 by 14% and was the heaviest consumption registered since 1929.
Official figures show consumption by the mills for the six-months' period
ended Jan. 31 1934, at 455.244 bales, compared with 455,655 bales for the
six months ended July 311933, and 404,473 bales for the six months ended
Jan. 31 1933.
The proportion of American cotton used by Italian mills was considerably
less during the latter part of 1933 than during the first six months while
the relative consumption of Indian cotton increased.
Export trade of Italy's cotton mills did not keep pace with the expansion
In production. In 1933 the volume of exports of cotton yarn decreased
4% and those of cotton piece goods 15% compared with 1932: shipments
of cotton goods to foreign markets during 1933 totaled 289,520 quintals
against 339,988 quintals in 1932.
The loss in export trade is attributable to a number of causes, chief among
which were high tariffs, the high exchange value of the lira and Japanese
competition. The shrinkage in exports was, fortunately, in part offset
by a larger consumption of cotton goods on the home market.

Prices of Indian cotton in Liverpool during March were more than 30%
less than the price of American cotton, and during the six months ended
Jan. 31 three types of Indian cotton at Liverpool averaged 23% less than
the price of American Middling and Low Middling, compared with 16%
less during the preceding six months.
The Bureau says that "the more favorable relative prices of Indian cotton
no doubt explain in part why the consumption of Indian cotton in Europe
during the six months ended Jan. 31 increased 42% over the preceding
six months whereas consumption of American cotton increased only 5%.

New York Cotton Exchange Estimates World Cotton
Production in 1933-34 Season at Approximately
24,913,000 Bales.
World production of cotton during the current season will
total approximately 24,913,000 bales, according to a report
issued April 16 by the New York Cotton Exchange Service,




Financial Chronicle

2652

as compared with 23,505,000 last season, 26,535,000 two seasons ago, 25,190,000 three seasons ago, and 26,597,000 four
seasons ago. Production of American cotton, including
allowance for city crop, was 12,810,000 bales as against
12,961,000 last season, 16,877,000 two seasons ago, 13,873,000 three seasons ago, and 14,716,000 four seasons ago, the
Exchange said, adding:
Production of foreign growths this season is estimated at 12,103,000.
equivalent 478-pound bales as compared with 10,544,000 last season. 9,658,000 two seasons ago, 11,317,000 three season ago, and 11,881,000 four
seasons ago. Production of foreign cottons this season was the largest on
record,surpassing the previous maximum of 11,881,000 bales in the 1929-30
season. The indicated increase of 1,559,000 bales in foreign production
this season over last season is due in large measure to a return by producers
in some foreign countries, notably in Egypt, to a normal acreage following
several years of acreage contraction.
Cotton production in Egypt is estimated at 1,784,000 bales as compared
with 1,038,000 last season, and 1,307,000 two seasons ago. The indication
for India is 4,320,000 bales as against 4,109,000 last season, and 3,334,000
two seasons ago. The Chinese crop is tentatively placed at 1,950,000
bales, comparing with 1,871,000 last season, and 1,106.000 two seasons
ago. Brazil grew 525,000 bales as compared with 293.000 last season, and
464,000 two seasons ago. The Russian crop is reported to total 1,889.000
bales in comparison with 1,778.000 last season, and 1,851,000 two seasons
ago. Minor cotton-growing countries, including Peru, Mexico, Argentina,
Chosen, the Anglo-Egyptian Sudan, Uganda, and a number of other small
cotton-producing countries, raised a total of 1,635,000 bales, as against
1,455,000 last season, and 1,596,000 two seasons ago.

Census Report on Cotton Consumed and on Hand, &c.,
in March.
Under date of April 14 1934, the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of March 1934 and 1933. Cotton
consumed amounted to 543,690 bales of lint and 74,529 bales
of linters, compared with 477,890 bales of lint and 59,674
bales of linters in February 1934 and 495,183 bales of lint
and 55,541 bales of linters in March 1933. It will be seen
that there is an increase over March 1933 in the total lint
and linters combined of 67,595 bales, or 12.27%. The
following is the statement:
MARCH REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED. AND ACTIVE COTTON SPINDLES.
[Cotton In running bales, counting round as half bales, except foreign, which
Is In 500-pound bales.]
Cotton on Hand
March 31-

Cotton Consumed
During-

Year

United States

11934 543,690 3,945,304 1,649.807 7.852,780 26,503,876
11933495.1833,748.573 1,343,114 8.901,203 23.488,134

All other States

American-Egyptian cotton

1

10,705
7,212
3,807
3,197
1,288
1,207

75,377
54,595
28,649
28,751
9,097
12,449

30,919
25,118
19,153
29,264
7,760
5,481

25,479
37,894
10,306
5,873
1,214
7,558

OM

Other foreign cotton

429,441 3,145,081 1,278,944 7,502,509 17,943.782
413.292 3.133,927 1.066.271 8,403.839 16.725,620
97,783 685,121 305,531 255.579 7,838,186
69,599 513,763 225,290 291,419 6,160,528
94,692
721,908
16,486 115,102 65,332
12,292 100,883
51,553 205,945
601,986

00400.240

Included AboveEgyptian cotton

00000,04

New England States

I 32A232 X2A2X2 X2

Cotton-growing States.--

Not Included AboveLinters

Cotton
In Con- In Public Spindles
Eight
Active
Months sinning Storage
Ended Establish- m at Cora- During
March
presses
menus
March. Mar. 31
(bales). (bates). (bales). (bales). (Number).

74,529
55.441

529,287
443.867

323,153
316.116

42,835
64.874

Imports of Foreign Cotton (500-1b. Bales).
Country of Production.

March.
1934.

Egypt
Peru
China
Mexico
British India
AU other
Total

8 Mos. End. Mar. 31.

1933.

14,373
252
2,153
40
1,738
109

4,469
21
8,568

18,665

1934.

1933.
43.885
3,362
39,356

161
135

67,433
3,409
14,391
1,401
12,892
624

13,354

100,150

88,406

1,106
697

Exports of Domestic Cotton. Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.

United Kingdom
France
Italy
Germany
Spam
Belgium
Other Europe
Japan
China
Canada
All other

March.

8 Mos. End. Mar. 31,
1934.

1934.

1933.

83,922
33,545
45.587
119,626
29,407
8,283
52,303
129,281
20,812
24,052
3,308

71,646 1,055,887 1,052,560
686,525
33,219
681,521
533,670
63,470
580.439
80,274 1,142,753 1,298,978
31,285
229,349
229,173
103.460
10,590
137,778
467,926
30.954
355,615
108,574 1,451,920 1,320,548
212.197
31,887
225,178
184,113
11,168
118,938
50,231
14,921
84,006

1933.

550,104
487.988 6,098,011 6,084,734
Total
Note.-Linters exported, not included above,. were 17,092 bales duringMarch in
1934 and 13,606 bales in 1933; 116.144 bales for the eight months ended March 31
1141934 and 109,488 bales In 1933. The distribution for March 1934 follows: United
Kingdom, 4,721; Netherlands. 1,159; France, 1,278; Germany. 8,792: Italy, 200'
Canada, 920; New Zealand, 8; Panama, 15: Newfoundland, 1.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown In 1932
as compiled from various sources was 23,634,000 bales, counting American in




April 21 1934

running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters In the United States) for the year ended July 31 1933
was 24,986,000 bales. The total number of spinning cotton spindles, both active
and idle, is about 158,000,000.

Petroleum and Its Products-Congress to Get New Oil
Bill Shortly, Ickes Says-Attack on Code by Consumers' Advisory Board Answered by Oil Administrator-Charges of Labor Leader Explained-Nine
Members to be Added to Planning and Co-ordination Committee.
The highlights of the week's developments in Washington
was the news that the new measure designed to correct the
weaknesses in the oil code had been completed to the satisfaction of Administrator Ickes and would be introduced in
Congress within a few days. The measure has been submitted to President Roosevelt and met with his approval.
The new measure was drafted by experts of the Oil Administration and will plug up the loopholes that have hindered
effective enforcement of the present code.
Modification of the oil code to prevent"complete demoralization of the retail price structure and wiping out of the
independent refiner" was recommended by the National
Recovery Administration Consumers' Advisory Board to the
NRA Review Board headed by Clarence Darrow.
Stating that some provisions of the code, "while probably
not intentionally monopolistic," are definitely injurious to
the consumer, the report brought up to date the protests
made by the Consumers' Board against the code since last
fall. "Since the code tends to perpetuate objectionable practices of long standing," the report continued, "immediate
emergency steps should be taken by the Government pending
the collection of data necessary to drafting a long range oil
program."
The Consumers' Board particularly objected to the curtailment of crude oil production as a means for conservation
and price stabilization, stating that such a program "takes
more from the consumer than it gives the wage earner."
"The increase of several hundreds of millions of dollars,
which has taken place during the past year in the consumers'
annual bill for petroleum products, constitutes a real threat
to success of the recovery program," it was contended.
Charging that the profits incidental to the discrepancy in
the rise of wages and prices in the petroleum industry has
gone to the large integrated companies, the report contended
that the independent operators in the industry are in a
"serious situation."
In denying these charges, Administrator Ickes said Thursday that the petroleum code had been of distinct aid to the
smaller operator. Mr. Ickes disclosed that he had seen the
report of the Consumers' Advisory Board at the White
House but had not yet read the complete statement.
"All I know," he said in dealing with the charge that the
major companies were enjoying benefits under the code
denied to the smaller operators," is that when I came here
a year ago oil was selling at 10 cents a barrel in East Texas,
and all the producers, the little as well as the big companies,
were complaining. It stands to reason that the small companies were worse off than the others, because the big companies could afford to buy and store their oil, or even to
buy the others out.
"It has always been true that big companies have the
advantage over small ones, and nothing in any code can
take away from one company, big or little, anything that
belongs to it and give it to another. But my understanding
is that the Oil Administration has been to the advantage
particularly of the 'little fellows' and that they all bear
testimony to that effect."
Administrator Ickes charged Harvey C. Fremming, head
of the International Oil Workers' Union, with "deliberate
attempt" to misrepresent labor conditions in the "ultimatum" presented to President Roosevelt Thursday, in which
the oil union head said that unless wage differentials and
conditions in the industry were equitably adjusted,"economic
warfare perhaps never before equalled," will be the result.
President Roosevelt was informed by Mr. Fremming, Mr.
Ickes said, that no labor men held positions on any of the
regional oil committees, the Planning and Co-ordination
Committee, or the Petroleum Administrative. The union
leader also charged that the Labor Advisory Board established by Mr. Ickes was composed of "three college professors," two of whom had no "practical or direct experience or
contact with the industry." Workers in the industry could
not be "pressed further" Mr. Fremming declared.
In answer, Mr. Ickes stated that Mr. Fremming had refused to serve as a member of the original board and that
he (Ickes) had named a membership which would consist of

Volume 138

Financial Chronicle

impartial public representatives familiar with problems of
labor and industry.
The demands followed the action of the Labor Policy
Board in throwing out a proposal submitted by the Planning
and Co-ordination Committee after hearings for the purpose
of establishing wage differentials in the indsutry had been
held for several days. The Labor Policy Board said that it
would recommend to Administrator Ickes that he fix the
differentials.
Urging a complete inquiry into the situation by President
Roosevelt, union leaders held that such action should be
taken even though it result in the abolition of the present
code authority and the agencies of the Government charged
with enforcing the code.
Nine members will be added shortly to the roster of the
Planning and Co-ordination Committee, it was announced
Thursday, which will bring the total from 12 to 21. The
new members will represent groups not previously represented on the Committee.
The place vacated by K. R. Kingsbury, President of the
Standard Oil Co. of California, who resigned recently following his indictment in a California Federal Court for alleged
oil code violations, on the Planning and Co-ordination Committee will not be filled for the present, Mr. Ickes said.
Settlement of the difficulties in which the Pacific Coast
oil industry has found itself in since the proposed marketing
cartel was held illeghl by the Department of Justice after
it had been approved by the Oil Administration, seems to
be in view following concerted action taken by the companies
to restore conditions to a more normal basis.
Following two weeks of almost continuous conferences
held in California, an agreement was reached Wednesday
which provides for the establishment of an agency subscribed
to by the major refiners for the handling of oil surpluses.
In addition, members signing the agreement pledge themselves not to purchase any "hot oil." A provision providing
for the setting up of a one-price selling arrangement for
primary refiners and their subsidiaries is believed to eliminate
the objections of the Department of Justice to the former
cartel plan.
While the conference agreement has been agreed to in
principle by nearly all major factors concerned, formal approval has not been made yet, although this is reported to
be but a formality. Only one major unit did not participate
in the conferences and this company is believed ready to
stand by the other units, although not officially stating its
position yet. A representative of the Oil Administration
sat in at all meetings and if companies representing 95%
or more of the Pacific Coast sales total formally announce
their approval of the measure, approval of Mr. Ickes is
expected to follow promptly.
The Oklahoma Corporation Commission launched a drive
Wednesday for more rigid enforcement of the proration regulations governing the Oklahoma City field, assessing a fine of
$5,000 and costs against John H. Peacock, Inc., accused on
55 counts of filing incorrect refinery reports. The majority
members of the Corporation ruled that the difference of
55,083 barrels between the 67,579 barrels received by the
refinery and the 11,496 barrels listed in its report, was
far too great to be explained away as mistakes or errors in
preparing the reports. Attornies for the company gave
notice of appeal to the State Supreme Court.
The Texas allowable was boosted to 990,682 barrels daily
Monday, against the April allotment of 980,700 barrels
daily recommended by Administrator Ickes. The recent
jump was due to a rise of 5,000 barrels daily in the allowable
for the Van field on orders of the Texas Railroad Commission
and the completion of additional wells in the east Texas
field. The Commission has issued no allowable production
order for this month,the former ruling having expired April 1.
Conditions in the east Texas field have improved greatly
and production of "hot oil" has been materially curtailed
following the stern enforcement steps taken by R. D. Parker
of the Railroad Commission who has placed more than 100
field workers in the area to see that the Commission's proraration orders are obeyed. Many refineries were closed by Mr.
Parker's agents for proration violations.
Reports on the progress made by the Railroad Commission
are expected to be made April 24 at a convention of East
Texas Chambers of Commerce in Texarkana. The placing
of Mr. Parker in the east Texas field was the result of a joint
meeting held recently by the Texas Petroleum Council,
the Dallas Chamber of Commerce and the East Texas Chamber of Commerce at which State oil officials were flatly




2653

ordered to clean up the fields. A meeting scheduled for
last Monday at which reports on the situation were to have
been made was deferred when it became apparent that
Mr. Parker was securing results in his work. Every lawenforcing agency in the State is being utilized in the drive
against violators of proration rulings and both civil suits
and criminal action are in the cards for those refiners violating
the Commission's rulings.
Crude oil production in the United States last week
spurted 111,650 barrels above the previous week to 2,449,300
barrels daily, 83,100 barrels above the level set for the
nation by Administrator Ickes, reports to the American
Petroleum Institute disclosed.
Production in Oklahoma rose 62,100 barrels to 522,600
barrels daily, against the Federal allotment of 476,400
barrels. California also was far above its Federal allowable
of 462,500 barrels for April, output here reaching 492,400
barrels, up 21,500 from the week ended April 7. Texas
made a slightly better showing, although production here
also exceeded the Federal allowable. Total output in the
Lone Star State last week was 983,600 barrels, an increase
of 14,050 barrels from the previous week's level.
Total stocks of domestic and foreign crude oil held in the
United States as of April 14 dipped 44,000 barrels from the
previous week, aggregating 341,922,000 barrels, against
341,966,000 barrels, Oil Administration officials reported.
The decline, which compared with a gain of 603,000 barrels
in the previous week, represented a gain in domestic crude of
155,000 barrels and a dip in foreign crude of 199,000 barrels.
There were no price changes this week:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
$2.45 Eldorado, Ark., 40
81.00
Corning. Pa_
1.20 Rusk, Tex., 40 and over
1.08
Illinois
Dust Creek
.87
Western Kentucky
1.13 Midland District. Mich
.90
Mid-Cont., Okla., 40 and above
1.08 Sunburst, Mont
1.35
Hutchinson, Tex., 40 and over
1.03 Santa Fe Springs, Calif..40 and over 1.30
Spindletop, Tex., 40 and over
1.03 Huntington, Calif., 26
1.04
Winkler, Tex_
.75 Petrone, Canada
1.82
Smackover, Ark.. 24 and over
.70
REFINED PRODUCTS—STRENGTHENING OF BULK GASOLINE
MARKETS IN MID-CONTINENT AND GULF COAST AREA
NOTED — CALIFORNIA OUTLOOK IMPROVES — CHICAGO
BULK GAS PRICES UP; SERVICE STATION LEVELS LOWER—
BROOKLYN RETAIL QUOTATIONS CUT 1 CENT A GALLON
ON GASOLINE.

Early correction of the unusual weakness in retail gasoline
market prices throughout the country at this season seems
definitely in view following the strengthening of the bulk
gasoline markets in the mid-continent and Gulf Coast areas.
Several companies met the upward revision announced by
Gulf Oil Corp. along the Atlantic Seaboard during the week
and a definitely stronger trend is noted in the local bulk
gasoline market.
Another encouraging factor is seen in the action of the
Pacific Coast oil companies which have apparently agreed
upon a method by which the costly price war currently raging
in some sections of California in the retail gasoline markets
will be ended and similar wars in the future be prevented.
Approval of the new agreement should bring an early upward
adjustment of prices in the areas affected by the current war.
Chicago tank car gasoline prices have advanced more than
1 cent a gallon during the past 10 days, prices extending
their rise this week to a range of 44 to 434 cents with a
rising trend in evidence in the spot market. This is more
than a cent above the lows reached for low octane material
last month. The regular grade is strongly held at 43
4 to
5 cents a gallon in tank car lots, in the Chicago market.
The improvement is held due to the improved underlying
tone of the market resulting from effective action taken in
East Texas to reduce production of "hot oil" with the consequent stoppage of supplies of low-priced crude which furnished price-cutters with potent ammunition.
In Chicago, however, competitive conditions in the retail
market forced Standard Oil of Indiana to reduce service
station and tank-wagon prices on regular and third-grade
gasoline 1 cent a gallon, the second such reduction in a
week. The new scale, posted Monday, and affecting the
metropolitan Chicago area only, listed regular at 15.8 cents
a gallon for service station and 13.8 cents for tank wagon
with third-grade held at 14.8 cents and 12.8 cents a gallon,
respectively. In St. Louis, local competitive conditions
brought regular grade gasoline service station prices down
24 cents a gallon with third-grade being reduced 14 cents
a gallon, effective April 14.
Philadelphia tank car prices were advanced
cent a
gallon last Saturday by the Atlantic Refining Co., Standard

2654

Financial Chronicle

Oil of Pennsylvania, Sun Oil and the Texas Corp., following
the advance initiated earlier in the week by Gulf Oil. The
new scale is 6% cents a gallon for over 65 octane with 61%
cents asked for under 65 octane. The Texas Corp. also
announced that it would meet the % cent a gallon cut in
tank car kerosene prices announced by Standard of New
York at Boston and Providence.
Monday brought the Standard Oil Co. of Kentucky into
line with the higher prices posted by Gulf Oil in its territory,
tank car gasoline quotations in Savannah, Jacksonville,
Tampa and Mobile being lifted 34 cent a gallon by this
company.
The local retail market was featured by a reduction of
1 cent a gallon in tank wagon and service station prices of
all grades of gasoline in Brooklyn, Queens and Nassau
county yesterday (Friday). In Suffolk, the reduction was
cent a gallon. Initiated by the Standard Oil Co. of
New York, Inc., all major marketers swung in line with the
new price schedule, which was the result of persistent pricecutting by independents which resulted in a serious drainage on the majors' gallonage totals. Tank car quotations
in the affected area were cut 35 points to 6 cents a gallon.
This situation, which has been credited with being the
main factor in preventing a general advance in retail gasoline prices in the Eastern marketing area in keeping with the
strengthening of bulk gasoline at primary markets, has been
threatening to result in a general price cut for some time.
However, until yesterday's move, some hope had been felt
that seasonal gains in demand would aid the independents
to maintain profitable gallonage movements without resorting to price-cutting. Some hope of the situation improving
is now in view as it is believed that the independents cannot
afford to compete with the major units on a price basis.
Early upward readjustment of the local retail gasoline
price structure is expected by some factors who point out
that the underlying strength of the bulk gasoline markets
would indicate such a development. However, until the
Brooklyn situation is straightened out, there seems little
hope of any general price advanec.
Grade C bunker fuel oil is in good demand at $1.30 a
barrel refinery, with Diesel oil moving in a fair way at
$1.95 a barrel, same basis. Kerosene is suffering from a
normal seasonal decline in demand. Other refined products
moved along in routine fashion.
Total stocks of finished gasoline rose 187,000 barrels
during the week ended April 7 to 57,700,000 barrels, the
American Petroleum Institute estimated. The rise in stocks
was accompanied by a gain in refinery operation by the
plants reporting to the Institute.
Price changes follow:
,6 cent a gallon reduction in
April 14.-The Texas Co. to-day met the ;
tank car kerosene prices at Boston and Providence instituted by Standard
011 of New York last week.
cent a gallon advance in bulk
April 14.-All leading refiners met the
gasoline prices posted last week by Gulf 011 Corp. in the Philadelphia
market.
a
April 14.-Local competitive conditions brought a cut of 2% cents
gallon in service station prices of regular grade gasoline and 1% cents on
third-grade material in St. Louis.
April 16.-Standard 011 of Indiana reduced tank wagon and service
gallon
station prices of gasoline in the metropolitan Chicago area 1 cent a

on regular and third-grade material.
prices
April 16.-Standard Oil of Indiana advanced tank car gasoline
bringing
cent a gallon at Savannah, Jacksonville, Tampa and Mobile,
a
quotations into line with the higher schedule established by Gulf 011
week or so ago.
tank
and
wagon
April 20.-Standard Oil of New York. Inc., reduced
Brooklyn,
service station prices of all grades of gasoline 1 cent a gallon in
was M cent a
Queens and Nassau county. In Suffolk county the cut
to 6 cents
gallon. Tank car prices in these areas were lowered 35 points
a gallon.

Gasoline, Service Station. Tax Included.
l4t
New Orleans
$19
Detroit
3 155
New York
z 125
Philadelphia
17
Houston
19
Atlanta
San Francisco:
19
Jacksonville
165
Boston
..16
Third grade.-Los Angeles:
17
Buffalo
Above 65 octane- .17%
Third grade.... .1119
158
Chicago
19%
Premium
13
Standard
.205
Cincinnati
12%
St. Louis
15
Premium
205
Cleveland
z Less taxes.
15
Minneapolis
20
Denver
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New Orleans, ex_5.419-431
$03
North Texas
New York:
Tulsa
.0459-.0319
.0419-.06
3.0531 Los Ans..ex
(Bayonne)
Fuel 011, F.O.B. Refinery or Terminal.
$1.15
Gulf Coast C
California 27 plus D
N. Y.(Bayonne):
1.30
8.75-1.00 Phila. bunker C
$1.30
Bunker C
1.15
Diesel 28-30 D__-_ 1.95 New Orleans C
Terminal.
or
Refinery
F.O.B.
Gas Oil,
X 0119
Tulsa
Chicago:
N. Y.(Bayonne):
8.01%
32-36 00
28 plus G 0--$.0331-.04
Refinery.
Tank Car Lots, F.O.B.
U. S. Gasoline, Motor (Above 65 Octane),
$.0419-.0419
Chicago
N. Y.(Bayonne):
N.Y.(Bayonne):
New Orleans... .04
Shell Eastern Pet 8.06
Standard Oil N.J.:
__ 0411-.07
ex
Aug.,
Los
York:
New
Motor. U. S___$.06
Colonial-Beacon- .061 Gulf ports_-- .0419-.04%
62-63 octane.- .0531
0419-.0434
Tulsa
054
Texas
z
.061
Y...
N.
011
Stand.
.0631 rennsylvania- .05
Gulf
*Tide Water 011 Co .0585
0631
Republic Oil
xRichtleld 011(Cal.) .0335
Sinclair Refining. 06
Warner-Quin. Co_ .0631
Chief," $0.07 * Tydol, 80.0635. y "Good
X Richfield "Golden." a "Fire
Gulf." $0.634•




April 21 1934

Daily Crude Oil Output Increased Sharply in Week
Ended April 14 1934, Exceeding Federal Allowable
Figure by 83,100 Barrels-Gas and Fuel Oil Inventories Dropped 485,000 Barrels.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
April 14 1934 was 2,449,300 barrels, an increase of 111,650
barrels over the output for the previous seven days and an
increase of 83,100 barrels over the Federal allowable figure
which became effective on April 1 last. The current figure
compares with 2,337,650 barrels per day produced during
the week ended April 7 1934, a daily average of 2,375,400
barrels during the four weeks ended April 14 1934 and an
average daily output of 1,934,000 barrels during the week
ended April 15 1933.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
720,000 barrels for the week ended April 14, a daily average of 102,857
barrels, compared with a daily average of 119,821 barrels for the last
four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 657,000
barrels for the week ended April 14, a daily average of 93,857 barrels,
compared with a daily average of 83,893 barrels for the last four weeks.
Finished gasoline in storage at
Gasoline stocks increased slightly.
refineries, bulk stations, in transit and at terminals totaled 57,770,000
barrels at April 14, or 187,000 barrels more than at the end of the preceding week.
Stocks of unfinished gasoline declined from 8,823,000 barrels at April 7
to 8,496,000 barrels at April 14, while other motor fuel inventories were
Increased during the latest week by 30,000 barrels to 4,150,000 barrels.
A further decline was reported during the week ended April 14 1934 in
inventories of gas and fuel' oil, from 103,338,000 barrels at April 7 to
102,853,000 barrels at April 14.
Reports received for the week ended April 14 1934 from refining companies owning 89.7% of the 3,736,000-barrel estimated daily potential
refining capacity of the United States, indicate that 2,340,000 barrels of
crude oil daily were run to the stills operated by those companies and that
they had in storage at refineries at the end of the week 39,423,000 barrels
of finished gasoline; 8,496,000 barrels of unfinished gasoline and 102,853,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines amounted to 18,347,000 barrels. Cracked gasoline production
by companies owning 95 1% of the potential charging capacity of all
cracking units averaged 450,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Flatres in Barrels)
Actual Production,
Federal
Arerage
4 Weeks
Agency
Allowable Week End. Week End. Ended
April 7
April 14
E.ffertire AlYtti 14
1034.
1934.
1934.
April 1.
Oklahoma
Kansas

476,400
122,100

Panhandle Texas
North Texas
West Central Texas
Wen Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not Includ
ing Conroe)
Total Texas

980.700

North Louisiana
Coastal Louisiana
Total Louisiana

Week
Ended
April 15
1933.

522.600
131,600

460.500
123,700

486.050
126,350

336.050
121,350

51,600
57.350
26,450
138.000
43.800
456,900
48,700
47,600

54.100
56,250
27,000
138.500
44.150
437.450
48.300
49,550

55.000
56.200
27,000
138.100
43.900
440,850
48,400
48,750

48,400
52,200
23,050
160,450
58,600
178,050
39,100
49,150

113.200

114,250

112,700

114,100

983,600

969,550

970,900

723,100

26,350
49,950

26,850
46.400

27,200
46,850

30,850
41,700

72,400

76,300

73,250

74,050

72,550

Arkansas
Eastern (not Incl. Mich.)
Michigan

32,300
99.600
31,300

30.650
98,650
28,900

30.700
98,750
26,900

30,850
88,500
27,350

30.300
90.450
14,600

Wyoming
Montana
Colorado

32.400
7,700
3,000

30,500
7,000
2,700

29,550
7,050
2,400

30.2C0
7,050
2.550

31.400
5,050
2,550

43,100

40.200

39,000

39.800

39,000

Total Rocky Mtn.States
New Mexico
California
Total United States_

45,800
44.400
44,400
43,300
36,100
462,500
492,400
470,900
478.250
470,500
2,366.200 2.449.300 2,337,650 2,375,400 1.934.000

Note.-The figures Indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS-WEEK ENDED APRIL 14 1934.
(Figures In Thousands of Barrels of 42 Gallons Each.)
Dag Refining
Capacity of Plants.
Distrid,

East Coast__
Appalachian.
Ind., Ili., Ky
Okla., Kan.,
Missouri_
Inland Texas
Texas Gulf_
La. Gulf _...._
No. La.-Ark
Rocky MtnCalifornia-Totals week
Apr. 14'34
Aor. 734

Potenlial
Rate.

Crude Runs
to Stills.

Stocks a Stocks
of
of
FinOnDaily P. C. tatted finished
Repor lag.
A vet- Oyer- Gaso- GamTotal. P. C. age, ated, line.
line.

b Stocks
of
Other
Motor
Fuel.

493 84.7 17,778
96 68.6 1,858
323 76.5 9,748

1,435
316
1,243

212
112
58

60.6 5.548
59.3 1,342
86.4 5,054
69.1 1,555
306
61.0
71.9 1,521
52.8 13,060

1,025
315
2,941
229
48
173
771

582
150
446

582 100.0
140 93.3
422 94.6

461
351
542
168
92
98
848

386
167
528
162
77
64
822

83.7
47.6
97.4
96.4
83.7
66.7
96.9

234
99
458
112
47
46
434

Stocks
of
Gas
and
Fuel
Oil,
5,702
858
2,618

593 2,772
274 1,661
291 4,319
____
892
33
531
42
699
2,535 82,801

3,738 3,350 89.7 2,340 69.9 c57,770 8,496 4.150 102.853
3.736 3.349 89.6 2.096 62.6 d57.583 8.823 4.120 103 356
b Estimated.
a Amount of unfinished gasoline contained in naphtha d athletes
Includes unblended natural gasoline at refineries and plants: also blended motor (del
at plants. c Includes 39,423,000 barrels at refineries and 18,347.000 barrels at bulk
terminals, in transit and pipe lines. d Includes 39,068,000 barrels at refineries
and 18,515,000 barrels at bulk terminals, in transit and Pipe lines.

Volume 138

Financial Chronicle

Note.-Stocks in California are now on the same basis as stocks east of California,
which excludes stocks held at or in transit to local marketing points. Formerly
stocks in California have included these stocks.

Oil

Administrator Ickes Declares Moratorium to
Protect Independent Pacific Refiners.
Secretary of the Interior Ickes, Oil Administrator, on
April 15 announced that he had approved a proposal of
Pacific Coast oil refiners that a temporary moratorium
be declared on the solicitation of the business of gasoline
pumps handling unbranded products which are now supplied
by independents. This action was taken, Mr. Ickes said,
to protect independent refiners and distributors of gasoline.
The moratorium will remain effective until April 23 if a
proposed substitute agreement is not signed by that date,
or until Mr. Ickes has approved it if the agreement is submitted tO him by April 23.
Non-Ferrous Metal Market Quiet-Copper and Lead
Firm-Zinc Prices Slightly Lower-Silver Declines.
"Metal and Mineral Markets" in its issue of April 19
stated that considering the large volume of business that was
placed in major non-ferrous metals in the preceding week,
the quiet that prevailed throughout the last seven days
occasioned no great concern among producers. Operators
seem satisfied that the trend of general business continues
upward. Fabricators of copper have booked a substantial
tonnage of their products so far this month,and specifications
are still coming through at a good rate. The recent advances
in copper and lead were easily maintained in the face of the
decline in new business. Zinc eased moderately yesterday.
Tin was featureless. Silver declined more than lc. per ounce
on liquidation by speculators who had counted on additional
legislation in Washington at this session of Congress. "Metal
and Mineral Markets" further reported as follows:
Copper Selling Moderates.
Demand for copper moderated last week,following the substantial trading
In the metal during the preceding seven-day period. Sales totaled about
3,100 tons, and an 81ic., delivered Connecticut, price basis was quoted in
all directions throughout the week. The falling off in consumer interest was
attributed largely to the delay in the signing of the code of fair practice for
the industry, the imminence of which action was the principal factor in
stimulating the buying of the preceding week. The general position of the
metal, however, is held to have undergone no marked change, inasmuch as
the steady improvement in business conditions continues. Not a few consumers are reporting a better outlet for their products, and apparently the
increasing demand for copper goods covers a wide range of such commodities.
Sales abroad also fell off sharply last week, the recent heavy buying in
those markets presumably having satisfied immediate requirements for the
metal. The threat of higher prices under a code here is generally held to
have been responsible for the activity abroad during the last few preceding
weeks, and pending signing of the code or some other incentive, little improvement in European buying is expected to develop. Prices during the
week ranged from 8.25e. to 8.50c., c.i.f.
L. S. Cates, President of Phelps Dodge Corp., told stockholders that he
thought the proposed code would have quite a stimulating effect on the
demand for copper. The code, he said, would not cure everything, but
would have a stabilizing tendency. He does not expect any great advance in
the price, but believes that under the code it would be reasonable to expect
9c. a pound in this country within the next 12 months.
The copper statistics for March were regarded as favorable,showing a reduction in so-called world stocks of refined metal of about 21,500 tons. The
reduction in stocks held in North and South America amounted to 17,500
tons. A summary of the statistics circulated privately among the members
of the Copper Institute, who account for more than 90% of world's production, for the months of February and March, in short tons, follows:
Month ofFebruary.
March.
Production, refined
87,000
104,500
Deliveries, refinedUnited States
37,000
42,500
Foreign
68,500
84,500
Totals
Stocks, refinedNorth and South America
Rest of world
Totals
Production, blisterU. S., mine
U. S., scrap
Foreign, mine
Foreign, scrap
Totals

105,500

127,000

511,500
101,000

494,000
97,000

612,500

591,000

20,000
7,000
57,000
5,000

20,000
7,500
62,500
6,000

89,000
96,000
Lead Quiet But Firm.
Lead business almost vanished last week, buyers, after having purchased
heavily in the three preceding weeks, showing no desire to stock up further
at the recent advance in prices. With the movement of lead into consumptive channels increasing,and production due to come down,producers regard
the situation as firm. Quotations were maintained at 4.25c., New York,the
contract basis of the American Smelting & Refining Co., and 4.10c.,
St. Louis.
The refined lead statistics for March are expected to make a better showing
than those for February. A definite downward trend in stocks, however,is
not expected until the April and May figures appear on the scene. Lead sold
so far this month for April shipment to consumers totals around 29,000 tons,
against sales of 28,400 tons for delivery in March. May shipment lead sold
to date totals slightly more than 14,000 tons.
Zinc at 4.35c., St. Louis.
Consumer interest in zinc last week, as in the instance of the other nonferrous metals, was materially less than that prevailing a week earlier. This




2655

condition led to weakness in the price structure of zinc, the metal selling
yesterday in fair tonnage for early delivery on the basis of 4.35c., St. Louis.
One seller was said to have been offered metal as early as Monday at that
level, and at 4.375c. on Friday; these offers, however, did not result in any
metal changing hands. Rumors prevailed early yesterday that some shading
of the 4.35c. basis would probably develop before the close of the market.
but no business below that level was reported.
Tin Trading Slow.
Consumption of tin in the United States is proceeding at a high rate,
which tends to make foreign operators disregard the warnings of consumers
here that prices are too high. Tin-plate operations in this country are
holding at 80% of capacity. Nothing new has developed in connection with
the proposed buffer pool. Straits tin, compared with a week ago, was
slightly lower. There was a fair inquiry at times for brands other than
Straits tin. Chinese 99% was quoted nominally as follows: April 12th, 54.625c.:
13th. 54.50c.; 14th, 54.35c.; 16th, 54c.; 17th, 54.35c.; 18th. 54.30c.

Steel Outlook Favorable-Operations Up to 52% of
Capacity, Says "Iron Age"-Higher Prices Soon
to Go Into Effect.
With iron and steel makers heavily booked for the second
quarter and with higher prices about to go into effect on
most products, the outlook in the industry is most favorable,
reports to "Iron Age" of April 19, in its weekly review of
iron and steel conditions throughout the country. Some
mills have such heavy commitments that they will have
difficulty in turning out the tonnage if buyers specify fully
against their contracts. To prevent an accumulation of
releases toward the end of the quarter a number of producers are already pressing their customers for shipping
Instructions. Under the most popular form of contract,
buyers are required to order out material in approximately
equal monthly quantities, adds the "Age," which further
goes on to say:
The anxiety of the mills to obtain releases is matched by the desire
of most buyers to build up maximum stocks of materials at pre-advance
prices. Without doubt much of the pig iron and steel that will be
made in the next three months will supply buyers' needs part way through
the third quarter, barring a further acceleration of industrial activity.
The increase in business coming from regular contract sources has been
augmented by heavier releases from the railroads. Orders for car steel
are growing in number and tonnage, and purchases of track material have
been large. Rail contracts placed in the final week before the expiration
of the code provision permitting deliveries until Aug. 31 called for a total
of 75,250 tons. The New Raven closed for 25,000 tons, the Baltimore &
Ohio for 35,000 tons, the Norfolk & Western for 10,000 tons, the Maine
Central for 4,200 tons, and the Pere Marquette for 1,050 tons. Total
purchases since the transportation co-ordinator first proposed Government
financial aid amount to 627,000 tons, as compared with his original
estimate of 850,000 tons. Only one large prospective order remains unplaced-35,000 tons for the Chesapeake & Ohio.
Steel ingot output has made another gain, rising from 491,W0 to 52% of
capacity, the highest rate since mid-August 1933. Operations are up four
points to 54% at Chicago, three points to 40% at Pittsburgh, three points
to 59% in the Valleys, two points to 60% at Cleveland, five points to 59%
at Buffalo, and two points to 70% in the Wheeling district. The Detroit
rate continues at 100%, the average for the Philadelphia territory at 40%,
and that for the South at 54%.
Price advances are slow in taking effect. Under the code a price at a
given basing point is considered effective until it is withdrawn. Since
various producers have delayed following the lead of mills that first announced advances, the effective dates for the price changes have been
moved ahead, in some instances until late next week. Part of the
confusion growing out of the advances has been due to conflicting views
of the mills. The first increases filed on wire products were nullified by a
later filing of more moderate advances by a leading interest. On most
products, of course, the time of filing the price changes is of little
practical concern to buyers, who are given ample opportunity to contract
for their needs through this quarter at previously existing prices.
The latest price advances to be announced are on pipe and billet steel
reinforcing bars. Discounts on standard and line pipe have been reduced
three and one-half points, or the equivalent of an advance of about $7 a
ton. Oil well goods have been marked up $6 to $7 a ton. The rise in
billet steel reinforcing bars is $3 a ton. Alloy steel bars have been
marked up $2 a ton, instead of $1 a ton as originally announced. No
move has yet been made to raise rail and track fastening prices, which,
under the code provisions, are now applicable only to shipments during
the current quarter.
Pending the going into effect of recent advances, the "Iron Age" composite prices for pig iron and steel remain unchanged at $16.90 a gross
ton and 2.028c. a pound, respectively. The scrap composite also is unaltered at $12.58 a gross ton. A large movement of scrap, stimulated by
the arrival of spring weather and the opening of Lake navigation, has offset
the heavier consumption of the steel industry. Close to 100,000 tons of
oil country scrap from the Southwest has recently moved to Pittsburgh
and other large markets.
Structural steel awards, at 13,650 tons, compare with 12,160 tons a week
ago. New projects total 12,160 tons against 13,700 tons in the previous
week. Plate lettings aggregate 3,650 tons, and new plate inquiries
15,465 tons.
THE "IRON ACE" COMPOSITE PRICES.
Finished Steel.
April 17 1934, 2.0280. a Lb.
fBased on stee. bars, beams, tank plates.
One week ago
2.028e
wire, rails, black pipe and sheets.
One month ago
2.028e. These products make 85% of the
One year ago
1.8670. United States output.
High.
Low.
1934
2.028e. Jan. 2
2 028c. Jan. 2
1933
2.036e. Oct. 3
I.867e. Apr. 18
1932
1.977c. Oct. 4
1.926e. Feb. 2
1931
2.037o. Jan. 13
1.945c. Dec. 29
1930
2.273o. Jan. 7
2018e. Dee. 9
1929
2.217c. Apr. 2
2.2730. Oct. 29
1928
2.286c. Dec. 11
2.2170. July 17
1927
2.402e, r tI, 4
2.2120. Nov. 1

Pig Iron.
April 17 1934. 316.90 a Gross Ton. (Based on average of basis Iron at Valley
One week ago
316.901 furnace foundry irons at Chicago.
One month ago
16.901 Philadelphia. Buffalo, Valley. and BitOne year ago
13.681 mingham.
High.
318.90 Jan. 2
16.90 Dec. 5
14.81 Jan. 5
15.90 Jan. 6
18.21 Jan. 7
18.71 May 14
18.59 Nov.27
19.71 Jan. 4

1934
1933
1932
1931
1930
1929
1928
1927

Low.
318.90 Jan. 2
13.56 Jan. 3
13.58 Dec. 6
14.79 Dec. 15
15.90 Dec. 16
18.21 Dec. 17
17.04 July 24
17.54 Nov. 1

Steel Scrap.
Apr. 17 1934. $12.58 a Gross Ton. (Based on No. 1 heavy melting steel
One week ago
312.581 Quotations at Pittsburgh. Philadelphia,
One month ago
12.671 and Chicago.
One year ago
7.671
Low.
High.
$11.33 Jan. 2
1934
313.00 Mar. 13
6.75 Jan. 3
1933
12.25 Aug. 8
.42 July 5
1932
8.50 Jan. 12
1931
8.50 Dec. 29
11.33 Jan. 6
11.25 Dec. 9
1930
15.00 Feb. 18
14.08 Dec. 3
1929
17.58 Jan, 29
13.08 July 2
1928
16.50 Dec. 31
13.08 Nov.22
1927
15.25 Jan. 11

The American Iron and Steel Institute on April 16 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.1% of the steel capacity of the industry would be 50.3%
of the capacity for the current week, compared with 47.4%
last week and 46.8% one month ago. This represents an
Increase of 2.9 points or 6.1% over the estimate for the week
of April 9. Weekly indicated rates of steel operations since
Oct. 23 1933 follow:
1933.
Oct. 23
31.6%
Oct. 30
26.1%
Nov. 6
25.2%
Nov. 13
27.1%
Nov.20
26.9%
Nov.27
26.8%
Dec. 4
28.3%

April 21 1934

Financial Chronicle

2656

1933.
Dec. 11
31.5%
Deo. 18
34.2%
Dec. 25
31.8%
1934.
Jan. 1
29.3%
Jan. 8
30.7%
Jan. 15
34.2%

1934.
Jan. 22
32.5%
Jan. 29
34.4%
Feb. 5
37.5%
Feb. 12
39.9%
Feb. 19
43.6%
Feb. 26
45.7%
Mar. 5
47.7%

1934.
Mar. 12
46.2%
Mar. 19
46.8%
Mar. 26
45.7%
Apr. 2
43.3%
Apr. 9
47.4%
Apr. 16
50.3%

"Steel," of Cleveland, in its summary of the iron and steel
markets,on April 16 stated:
Responding briskly to an inflow of April specifications on heavy contracts placed before price advances go in effect this week, steelworks operations last week rose 3 points to 51%.
Sharp gains were made in the major producing districts, with Pittsburgh
up 3 points to 39%; eastern Pennsylvania 3% to 38%%; Youngstown
2 to 57%, and Chicago 1% to 50%. Wheeling was up 7 points to 69%;
Cleveland 2 to 69%. Birmingham remained at 52%; Buffalo 50%, while
Detroit was down 6 points to 82%, and New England 4 to 78%. Youngstown operations this week are scheduled at 59%, and Pittsburgh at 40%.
Steelmakers see ahead a period of steadily mounting operations. Some
stopped taking contracts last week, several days prior to the effective dates
for new prices, fearing a shortage of skilled labor before July. Automotive,
railroad and miscellaneous demands continue strongly upward.
In summary, recent events in the steel industry mean: By giving 10
days' notice. of price increases and throwing wide open their order books,
steelmakers have sacrificed no less than $25,000,000. This is based on
finished steel output with the industry operating around 50%, and the
difference between "Steel's" composites of the old and new finished steel
prices.
As an offset to this, the industry has built up tonnage by giving consumers the opportunity to cover their requirements three to four months
ahead, meantime to make their own adjustments. The industry has not
antagonized the Government, because finished steel prices even at the
new level still are $4.98 a ton below the 1926 average-the President's
mark for commodities. And labor benefits through the return to the 1929
wage standard April 1-three months ahead of the time when steelmakers
gain, except through increased tonnage.
Price advances applying this week, or immediately in view, practically
blanket all iron and steel products. In addition to the increases announced
in "Steel" last week, stock tin plate is up $7 a ton, structural rivets $5,
sheet piling $3. Light rails are up $3 a ton, and an increase is expected
in the $36.374 price on standard rails, quoted to the Government last
fall, and which expired April 15. A rise of $7 a ton is expected shortly
on tubular products, and $10 on electrical sheets. While some producers
raised wire $3, effective April 18, one large manufacturer filed an increase
of only $2, effective April 19.
Lake Superior iron ore producers have quoted last year's prices on an
Inquiry for 50,000 tons from the Ford Motor Co. With a 10% wage
increase for Great Lakes seamen, larger crews, and higher coal prices,
transportation costs this year will be up 25%. A miners' strike in
Alabama is reducing coal output, and by-product coke there has been
raised 50c. a ton. Scrap prices are unchanged following recent heavy
buying.
Most of the Western railroads have now placed contracts for their
major rail requirements, the Great Northern distributing 20,000 tons.
New York Central has contracted for 10,500 tons of miscellaneous
steel
products for second quarter; Norfolk de Western, 4,500 tons. Pere
Marquette has purchased 1,600 tons of rails and fastenings. New York
New Havel' & Hartford is expected to inquire shortly for 25,000 tons
of
rails and 10,000 tons of accessories.
Structural shape awards for the week, 12,427 tons, compare with 6,021
tons in the preceding week. Price protections for 60 days on specific
jobs have brought out many new projects. The Solvay Process Corp. is
taking bids for a plant at Baton Rouge, La., requiring 5,000 tons.
"Steel's" London correspondent cables daily average pig Iron output
in Great Britain in March rose 13.4% over February; steel, 9.4%.
With the new finished steel prices now in effect or about to become
effective early this week, "Steel's" finished steel composite is up $3.80
to $54.90; the iron and steel composite is up $2.37 to $34.77, while the
scrap index holds at $12.21.




Production of Bituminous Coal and Anthracite Declined Sharply During Week Ended April 7 1934,
Due Largely to the Observance of "Eight-Hour
Day"-Soft Coal Output, However, Continued
Higher Than in Corresponding Period Last Year,
While Anthracite Production Was Off Slightly.
According to the United States Bureau of Mines, the total
production of soft coal during the week ended April 7 was
estimated at 5,450,000 net tons, as against 9,205,000 tons
in the preceding week. Loadings on April 2 showed the
heavy loss which usually accompanies the observance of
"Eight-Hour Day." During the rest of that week, however,
a general decline was apparent, and the average daily rate
of output for the entire week was approximately 32% lower
than in the final week of March. Production during the
corresponding week last year amounted to 4,755,Q)0 tons.
Anthracite production in Pennsylvania during the week
ended April 7 was estimated at 824,000 net tons. Compared
with the preceding week, this shows a decrease of 202,000
tons, or 19.7%. There was but little loss in hard coal production not due to the holiday on April 2. Output during the corresponding week in 1933 amounted to 874,000
tons.
The total production of beehive coke during the week
ended April 7 is estimated at 17,600 net tons.
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date

Week Ended
Apr. 7
1934.c

Mar. 31
1934.d

Apr.8
1933.

1934.

1933.

1929.

Bitum. coal:a
Weekly total 5,450,000 9,205,000 4,755,000 108,833,000 83,080,000 150,110,000
Daily aver_ _ 1,048,000 1,534,000 793.000 1.322,000 1,002,000 1,809,000
Pa. Anthra.:b
Weekly total 824,000 1.026,000 874,000 19,319.000 13.531,000 19,851,000
166,000
237,000
243,600
Daily aver_ _ 164.800 171,000 145.700
Beehive coke:
382,100
274,800 1,683,300
12,000
26.600
17,600
Weekly total
4,549
3,271
20,039
2,000
4,433
2,933
Daily aver__
a Includes lignite, coal made into coke, loca sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
Week Ended
Slate.

Mar. 31
1934.

Mar. 24
1934.

Apr. 1
1933.

Apr. 2
1932.

March.
1923,
Aver.d

136,000 423,000
131.000
226,000
238.000
Alabama
10.000
14,000
77.000
19,000
24,000
Arkansas and Oklahoma
80,000
69,000
195,000
73,000
122,000
Colorado
1,213,000 908.000 747,000 912,000 1,684,000
Illinois
227.000
335,000 575,000
355,000
390,000
Indiana
68,000
61,000
122,000
64,000
69,000
Iowa
88,000
85,000
144,000
112,000
128.000
Kansas and Missouri
710,000 674,000 367,000 406,000 560,000
Kentucky-Eastern
139,000
114,000
175,000
215,000
190,000
Western
28,000
27,000
46,000
52,000
44,000
Maryland
13,000
9,000
11,000
32,000
4,000
Michigan
35,000
29,000
38,000
68,000
42,000
Montana
17,000
21,000
19,000
53,000
19,000
New Mexico
30.000
24,000
30,000
34,000
32,000
North Dakota
287,000 740,000
277,000
409,000
554,000
Ohio
Pennsylvania (bituminous) 2,480,000 2,468.000 1,336,000 1,480,000 3,249,000
64,000
55,000
95,000
118,000
94,000
Tennessee
12,000
11,000
13,000
19,000
13,000
Texas
35,000
37.000
35,000
68,000
35,000
Utah
130,000
131,000
228,000
230,000
229,000
Virginia
21,000
31.000
28,000
74,000
27,000
Washington
West Virginia1,775,000 1,858,000 1,047,000 1.113,000 1,172.000
Southern b
238.000 420,000
717.000
682,000 890,000
Northern c
61.000
62,000
80,000
136,000
78,000
Wyoming
2,000
4,000
3,000
7,000
4,000
Other States
9,205,000 8,657,000 5,136,000 5,940,000 10,764,000
Total bituminous coal
881,000 2,040,600
1,026,000 1,149,000 1,005,000
Pennsylvania anthracite
.
10.231.000 9.806.000 6,141.000 6,821,000 12.804.000
Total enal
a Figures for 1923 and 1932 only are Mal. b Includes operations on the N. dr W.;
C.dr 0.; Virginian; K.& M..and B. C & G. c Rest of State, including panhandle,
d Average weekly rate for the entire month.

Livestock Handled During 1933 by Chicago Producers
Commission Association Sets Record-21,462 Decks
Handled During Year Represents Increase of
22.64% Over 1932.
A new record of 21,462 decks of livestock handled, an
increase of 22.64% over the previous year, was set in 1933
by the Chicago Producers Commission Association, according to a report to the Co-operative Division, Farm Credit
Administration. Animals sold were 18,375 decks, a gain
of 3,053 decks over the 1932 business, while those purchased
numbered 3,087 decks. The value of livestock handled
jumped from $12,919,316 in 1932 to $15,197,435 in 1933.
An announcement issued April 17 by the FCA,in noting the
foregoing, said:
An classes of animals participated in the increase in number of head
handled. For years recognized as the largest hog firm on the market.
Chicago producers last year took the leading position in cattle, handling
the equivalent of 6.279 carloads of cattle and calves, which was over 800
carloads more than the next largest cattle firm. Receipts amounted to
139,854 head, an increase of 23.8%, whereas the number of cattle sold on
the Chicago market increased only % of 1%.
The Association's percentage of the total receipts of the market advanced
5.07 in 1932 and 7.09% in 1933. The year's receipts comprised shipments
from 21 States. Illinois lead with 13.111 decks, and Iowa was second
with 2,109 decks.
,

Financial Chronicle

Volume 138

2657

Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended April 18, as reported by
the Federal Reserve banks, was $2,504,000,000, a decrease
of $7,000,000 compared with the preceding week and of
$6,000,000 compared with the corresponding week in 1933.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On April 18 total Reserve bank credit amounted to $2,493,000,000,
practically unchanged from last week, an increase of $109,000,000 in
member bank reserve balances being offset by an increase of $14,000,000
In monetary gold stock and decreases of 560.000,000 in non-member do
posits and other Federal Reserve accounts, and $35,000 in Treasury cash
and deposits with Federal Reserve banks.
The System's holdings of bills discounted declined 33,000,000, of bills
bought in open market $4,000,000. of United States bonds 525.000,000 and
of Treasury certificates and bills $5,000,000. while holdings of United
States Treasury notes increased $28,000,000.
During the week the Federal Reserve banks made the final payment on
their subscriptions to the stock of the Federal Deposit Insurance Corporation. The surplus accounts of the Federal Reserve banks were charged
with an amount equal to such subscriptions at the time the subscriptions
were made, and beginning with this week the total amount thus charged
to surplus is included in the new item "Reserves (FDIC stock, self-insurance, &c.)." This item, as the caption implies, also includes self insurance
reserves set aside to take care of losses which may not be covered by other
insurance, as well as reserves for possible losses on bills and securities,
which have heretofore been included in "All other liabilities."

The statement in full for the week ended April 18 in comparison with the preceding week and with the corresponding
date last week will be found on pages 2704 and 2705.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
April 18 1934, were as follows:
Increase (-I-) or Decrease (—)
Since
Apr. 18 1934, Apr. 111934. Apr. 19 1933.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit

40,000,000
13,000.000
2,430,C00,000
9,000,000

—3,000,000
—4,000.000
—2,000,000
+9,000,000

—374,000,000
—195.000,000
+593,000,000
—21,000,000

TOTAL RES'VE BANK CREDIT__2,493,000,000
+1,000,000
+3,000.000
Monetary gold stock
7,746,000,000 +14.000,000 +3,720,000,000
Treasury and National Bank currency2.381,000,000
+73,000,000
Money In circulation
—434,000,000
5,347.600,000
Member bank reserve balances
3,669.000,000 +109,000,000 +1,510,000,000
Treasury cash and deposits with Federal Reserve banks
3,204,000,000 —35.000.000 +2,838,000.000
Non-member deposits and other Federal Reserve accounts
400,000,000 —60,000,000 —118,000.000

Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $9,000,000, the total of these loans on April 18 1934
standing at $993,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $842,000,000 to $827,000,000, while loans "for account
of out-of-town banks" increased from $155,000,000 to $162,000,000 but loans "for account of others" decreased from
$5,000,000 to $4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Apr. 18 1934. Apr. 11 1934. Apr. 19 1933.
Loans and Investments—total
7 238,000,000 7.405,000.000 6,439,000,000
Loans—total
3,324,000,000 3,431,000,000 3,073,000,000
On securities
All other
Investments—total

1 723,000.000 1.756.000,000 1,538,000,000
1,601,000.000 1,675,000,000 1,535,000,000
3,914.000,000 3,974,000.000 3,366.000,000

U. S. Government securities
2 742,000,000
Other securities
1172.000,000
Reserve with Federal Reserve Bank
1,236,000,000
Cash in vault
37,000,000
Net demand deposits
5 971,000.000
Time deposits
690.000.000
Government deposits
679,000,000
Due from banks
89,000,000
Due to banks
1.578.000,000
Borrowings from Federal Reserve Bank..
Loanson secur. to brokers & dealers:
For own account
827,000.000
For account of out-of-town banks
162,000,000
For account of others
4,000.000
Total
On demand
On time




2,804,000,000
1,170,000,000
1,142,000,000
39,000,000
5,989,000,000
696.000.000
713,000,000
82,000,000
1,581,000,000

2,236,000,000
1,130,000,000
882,000,000

842,000,000
155,000.000
5,000,000

363,000,000
20,000,000
3,000,000

4o.00p,000

5,136,000,000
749,000,000
117,000,000
58,000.000
1.138,000.000
23,000,000

993.000,000 1,002,000,000

386,000,000

732,000,000
261,000,000

242,C00,000
144,000,000

746,000,000
256,000,000

Chicago.
Apr. 18 1934. Apr. 11 1934. Apr. 19 1933.
1,399,000,000 1,359,000.000 1,090,000,000

Loans and investments—total
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

594,000,000

594,000,000

629,000,000

288,000,000
306,000,000

295,000.000
299,000,000

347,000,000
282.000.000

805,000.000

765,000,000

461,000,000

512.000,000
293,000,000

479,000,000
286,000,000

248,000,000
213,000,000

405,000,000
41,000,000

390,000.000
41,000,000

175.000,000
42,000,000

1 265,000,000 1,213,000,000
347,000,000 344,000,000
45,000,000
41,000,000

793.000,000
345,000.000
10,000,000

192,000.000
376,000,000

205,000.000
219,000.000

169,000.000
375,000,000

Borrowings from Federal Reserve Bank_

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before Which time the statistics
covering the entire body of reporting member banks in 91
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on April 11:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities On April 11 shows increases for the
week of $73,000,000 in loans, $30,000,000 in investments, $215,000,000 in
net demand deposits, $16,000,000 in time deposits, and $57,000,000 in
reserve balances with Federal Reserve banks, and a decrease of $53,000,000
in Government deposits.
Loans on securities increased $43,000,000 at reporting member banks
in the New York district, $13,000,000 in the Chicago district, and $43,000,000 at all reporting member banks, and declined $9,000,000 in the
Boston district. "All other" loans increased $21,000,000 in the New York
district and $30,000,000 at all reporting banks.
Holdings of United States Government securities increased $71,000,000
at reporting member banks in the New York district, $17,000,000 in the
Boston district, $7,000,000 in the Cleveland district, and $59,000,000 at all
reporting member banks, and declined $15,000,000 in the St. Louis district
and $12,000,000 in the San Francisco district. Holdings of other securities
declined $32,000,000 in the New York district and $29,000,000 at all
reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $999,000,000 and net demand,
time and Government deposits of $1,127,000,000 on April 11, compared with
$1,011,000,000 and $1,093,000,000, respectively, on April 4.
A summary of the principal assets and liabilities of the reporting member
banks in 91 leading cities that are now included in the statement, together
with changes for the week and the year ended April 11 1934 follows:
Increase (1-) Or Decrease
Since
April 11 1934. April 4 1934. April 12 1933.
Loans and investments—total_17,611,000,000
Loans—total
On securities
Another

+103,000,000 +1,724,000,000

8,310,000,000

+73,000.000

+63,000,000

3,612,000,000
4,698,000,000

+43.000,000
+30,000,000

+28.000,000
+37,000.000

9,301,000,000

+30,000,000 +1,659,000,000

U. S. Government securities— 6,234,000,000
Other securities
3,067,000,000

+59,000,000 +1,650,000.000
+9,000.000
—29,000,000

Investments—total

Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R.banks

2,588,000,000
246,000,000

+57,000.000 +1,029.000.000
+7,000,000
+17,000.000

12,136,000,000
4,424,000,000
1,305,000,000

+215,000,000 +2,172,000,000
+16,000.000
+90,000,000
—53,000,000 +1.015,000,000

1,588,000.000
3,616,000,000

+10,000.000 +489,000.000
+38,000,000 +1,193.000.000

7,000,000

—1,000,000

—161.000,000

New Canadian Budget Contains Tariff Concessions to
Great Britain and Other Members of Commonwealth—Imposes 10% Tax on Gold Mined in
Canada.
The imposition of a 10% tax on gold mined in Canada
and provision for a number of important tariff concessions
to Great Britain and other members of the British Empire
featured the budget submitted to the Canadian Parliament
April 18 by E. N. Rhodes, Canadian Minister of Finance.
The gold tax is not applicable when it would reduce the value
of the metal to less than $30 an ounce in Canadian currency.
The proposed levy is intended to offset the loss in revenue
resulting from a lowering of the sugar tax from 2 cents to
1 cent a pound, Mr. Rhodes said. It was reported late this

2658

Financial Chronicle

week that there is'much opposition'in-Canada to the proposed 10% tax on domestically mined gold, but it was also
said yesterday (April 20) that no change is likely to be made
in the levy. The budget as presented by Mr. Rhodes did
not make any important change in the import war tax,
while the sales tax remains at 6%.
Montagu Norman Re-Elected Governor of Bank of
England.
On April 17 Montagu Norman was unanimously re-elected
Governor of the Bank of England, and Sir Ernest Musgrave
Harvey was re-elected Deputy Governor.
Mr. Norman enters his fifteenth year as Governor and
Sir Ernest began his sixth year as Deputy Governor.
Text of Newly Enacted Johnson Measure Barring
Loans to Foreign Governments in Default on
Their Obligations to United States—Bill Signed by
President Roosevelt, Who Seeks Interpretation
by Secretary Hull.
President Roosevelt, who on April 13 signed the Johnson
bill prohibiting the purchase or sale of securities of foreign
governments Which have defaulted on their obligations to
the United States, has called upon Secretary of State Cardell
Hull to decide what interpretation shall be placed on the
newly-enacted measure. In Associated Press advices from
Washington, April 13, it was stated in part:

and not merely
The Act's verbiage makes it apply to all debtor nations
many foreign
to those in default on World War debts. This would bring
Powers within the scope of the law.
finding out
of
task
One of the questions presented to Mr. Hull was the
nation was
what part token payments would play in deciding whether a
in default. . . .
regarding the
Although the Government officially has maintained silence
has been
$187,000,000 it claims Soviet Russia owes on debts, the subject
York,
mentioned ina Congress. Representative Fish, Republican, New
the
House
the
ranking Republican of the Foreign. Affairs Committee, told
would be
State Department had the understanding that no further loans
sanctioned until the Soviet had "recognized" these debts.

The bill was passed by the Senate on Feb. 2, and without
change was passed by the House on April 4. The Senate
action was noted in our issue of Feb. 3, page 770, while two
Items bearing on the House action appeared on page 2348 in
our April 7 issue. In one of these items we quoted in part
what Representative Fish had to say in the House on April 4
during the debate on the bill; among other things he made
the statement that "I have had assurances to-day from the
Department of State that until the Soviet Government adjusts its debts with our Government to the satisfaction of
the President we will make no loans to the Soviets." In our
account of the passage of the bill by the House reference
was made to an announcement by Chairman McReynolds of
the House Foreign Affairs Committee that a resolution had
been adopted by the trustees of the Russian Export-Import
Bank to the effect that no credit transactions would be
undertaken with the Soviet Government until settlement
had been made of the Russian indebtedness. Comment pertaining to the new legislation was contained in the following editorial which appeared in the New York "Herald
Tribune" of April 16:
Senator Johnson's bill, signed by the President on Friday, prohibiting
the purchase or sale in this country of the obligations of foreign governments that will not pay their debts to the United. States Government is so
limited in its practical applicability that it seems to be directed against
little else than the Federal financing of Russian trade. It puts no ban
on the securities of private corporations in the defaulting debtor countries.
In many of the European countries the most important utilities and industries are so heavily mortgaged to their governments that their bond issues
In the United States would simply be government flotations in masquerade.
In other States, with dictatorial regimes that brook no legislative interference with fiscal affairs, it would be a very simple matter for the
dictatorship to have an ostensibly private corporation formed which would
be free to put its obligations on the American market.
The Johnson Act puts no effective ban on the investment by American
citizens in the obligations of defaulting nations; for if any one is anxious
enough to buy Austrian, French, Greek, Polish or Russian Government
bonds he need only subscribe to them in London and have his coupons
slipped there to evade the law. Finally, the new law raises no really
effective barrier against the financing of trade with any defaulting debtor
nation but Russia with American public funds through Federal import and
export banks. All but Russia are obtensibly capitalistic countries, in
which all the corporations that might seek Federal loans to enable them to
export goods from this country are outside the scope of this law, hewever
deeply they may be involved with their governments.
In Russia, however, there is no company or corporation of any sort that
might waht its purchases of American exports financed here that is not
frankly and openly a Soviet Government "subdivision, organization or association." It would take a tremendous lot of ingenuity to show that Russia's
debts to this country, about which one Administration after another has
quibbled for nearly seventeen years, will not be in default until such time
as a formal agreement is reached for their settlement. It is quite possible
that individual American exporters may be able to finance the Russian purchases of their wares indirectly, without running foul of this new law.
How a Federal export bank can now contemplate making advances against
the obligations of a "subdivision" of the defaulting Russian Government is,




April 21 1934

however, impossible to see. It almost appears as though a ban on just
such Federal participation in Russian trade were the one subtle purpose of
the Johnson act.

The text of the bill as passed by Congress and signed
by President Roosevelt reads as follows:
[PUBLIC—No. 151-73d CONGRESS.]
[S. 682]
An Act to prohibit financial transactions with any foreign government in
default on its obligations to the United States.
Be it enacted by the Senate and Rouse of Representatives of the United
States of America in Congress assembled, That hereafter it shall be unlawful
within the United States or any place subject to the jurisdiction of the
United States for any person to purchase or sell the bonds, securities, or
other obligations of, any foreign government or political subdivision thereof or any organization or association acting for or on behalf of a foreign
government or political subdivision thereof, issued after the passage of this
Act, or to make any loan to such foreign government, political subdivision,
organization, or association, except a renewal or adjustment of existing
indebtedness while such government, political subdivision, organization, or
association, is in default in the payment of its obligations, or any part
thereof, to the Government of the United States. Any person violating
the provisions of this Act shall upon conviction thereof be fined not more
than $10,000 or imprisoned for not more than five years, or both.
Sec. 2. As used in this Act the term "person" includes individual,
partnership, corporation, or association other than a public corporation created by or pursuant to special authorization of Congress, or a corporation
in which the Government of the United States has or exercises a controlling
Interest through stock ownership or otherwise.
Approved, April 13 1934.

We also give herewith the report on the bill presented to
the House on March 14 by Chairman McReynolds of the
House Committee on Foreign Affairs:
HOUSE OF REPRESENTATIVES.
GOVPROHIBIT FINANCIAL TRANSACTIONS WITH ANY FOREIGN
ERNMENT IN DEFAULT ON ITS OBLIGATIONS TO THE UNITED
STATES.
Mr. McReynolds, from the Committee on Foreign Affairs, submitted the
following report. [To accompany S. 682.1
The Committee on Foreign Affairs has had under consideration the bill
government in
(S. 682) to prohibit financial transactions with any foreign
default on its obligations to the United States, and reports it to the House
without amendment with recommendation that it do pass.
The report of the Committee on the Judiciary of the Senate on this bill
is as follows:
[S. Rept. No. 20, 73d Gong., let sess.1
The bill thus reported favorably has been pending before the Senate Committee on the Judiciary for more than a year. It was introduced in the
Senate during the last session by Hon. Hiram W. Johnson, of California,
immediately after the investigation held by the Senate Committee on Finance
respecting foreign securities. That investigation was so recent, and its
results so astonishing, that apparently nothing more need be done in
demonstrating the necessity for legislation upon the subject than merely to
remind the Senate of the disclosures. It is sufficient to say that billions
of dollars of securities of certain foreign countries were offered for gale
to the American people, with little thought of final payment, and, in some
instances, with sufficient knowledge on the part of the American intermediary, and the borrower also, that it would be well-nigh impossible for
these securities ultimately to be paid. Sums of money to the amount of
billions of dollars are now due to the American people upon the bonds and
obligations of foreign governments, including political subdivisions thereof
and municipalities which have defaulted not only in interest payments, but
which hold meager hope of payment of any considerable part of the principal.
These foreign bonds and obligations, of course, in sane instances were
issued and were sold in good faith; while in some instances, the testimony
has demonstrated that they were issued by the borrower merely to obtain
money, with little expectation of redemption, and were sold by the American financiers to make outrageously high profits, and both had reasonable
cause to believe that the American public purchasing such bonds or other
obligations would be the ultimate sufferer. The bill was introduced, after
the revelations concerning the sale of bonds and other obligations of foreign
governments by American financiers and bankers, to prevent a recurrence
of the practices which were shown by the investigation to be little less
than a fraud upon the American people. The bill seeks therefore, to make
it unlawful to loan money to, or to purchase or sell the bonds or other
obligations of, any foreign government, including any political subdivision
thereof, while such foreign government, or political subdivision thereof, is
in default in the payment of its obligations to our people or to our Government. It is a brief penal statute, protective in character. The investigation above referred to, regarding foreign securities, not only justifies the
enactment of this bill, but demands it in behalf of the American public.
Moreover, much that has occurred since that investigation, and subsequently
to the introduction originally of the bill, in the matter of the obligations
due to the United Staters Government from certain foreign governments,
emphasizes not only the justice of the measure, but its necessity. It would
be unjust to permit the further sale of securities of a defaulting government, the sale of whose securities heretofore in this country have brought
distressing loss upon our people, or the further offering for sale of the
bonds and obligations of a foreign country able indeed to pay its obligations to our own Government but repudiating its solemn agreements. Thus,
because of the facts demonstrated by the investigation above referred to,
an because of what has occurred since respecting the nonpayment of foreign
debts due to the United States, the bill is appropriate. To curb the
rapacity of those engaged in the sale of foreign obligations, as an admonition to governments well able to pay but which nevertheless repudiate their
written engagements, is its laudable purpose, and it is as well a measure
of simple justice for the protection of the American investor and the
American people generally.

Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for Feb. 28 1934 with the figures for Jan. 31 1934 and
Feb. 28 1933.

Financial Chronicle

Volume 138

STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Assets,
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Total
Notes of other banks
United States & other foreign currencies_
Cheques on other banks
Loans to other banks in Canada,secured,
Including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom
Due from banks and banking correspondents elsewhere than in Canada and the
United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and British, foreign and colonial public securities other than Canadian
Railway and other bonds. debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover
Elsewhere than in Canada
Other current loans & cllscits in Canada_
Elsewhere
Loans to the Government of Canada_ _ _
Loans to Provincial Governments
Loans to cities, towns. municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises
Mortgages on real estate sold by bank
Bank premises at not more than cost,
less amounts (if any) written off
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance for
the security of note circulation
Deposit in the central gold reserves---Shares of and loans to controlled cos_ _ _ _
Other assets not included under the foregoing heads
Total assets

Feb. 28 1934. Jan. 31 1934. Feb. 28 1933.
$
40,634,375
11,642,226

$
40,321,904
10,437,222

IS
38,844,152
21.523,370

52,276.603

50,759,129

60.367,526

136,799,636
10,919

139.438,121
10,881

140,759,218
10,351

136,810.556

139,449,003

140,769,571

8,435,466
19,661,579
86,261,076

7,856,401
19,229,529
80,069,493

9,196,024
16,677,940
69,104,115

3,711,506

3,358,997

4,339,793

12,584,843

20,396,876

13,463,152

67,516,245

59,760,731

83,580,498

635,456,344

635.190,432

581,282,145

148,380,924
49,187,850

146.497,409
49.959,940

168,493,509
47,676.945

101,526,182
96,413,357
869,125,576
140,826,565

103,698,207
86,185.938
878,748.673
136,339,485

97.166,190
76,287,191
923,764,135
155.162,061

25,368,987

23,242,615

24,595,737

116,844,328

110,147,586

120.799,070

13,618,999
7,681.538
6,115,881

13.608,019
7,534,199
6,270,743

13,778,175
7,623,419
6,387,652

78.409,311

78,367,434

79,248,175

53,240,647

51,207,846

41,999,250

6,506,708
15,881.732
12,959,374

6,506,708
14,581,732
13,091,273

6,605,675
19,081,732
12,965,722

1,755,836

1.809,422

1,549,424

2,766,598,111 2,743,867,917 2,781,964,923

Liabilities.
Notes in circulation
125,707,707 121,218,816 121,140,822
Balance due to Dominion Govt. after deducting adv. for credits, pay-lists, &q.
19,800,832
23,191,444
26,273.504
Advances under the Finance Act
43,444,000
44,344,000
41,944,000
Balance due to Provincial Governments_
22,704,400
27,051,856
18,813,775
Deposits by the public, payable on de'mand in Canada
487,363,557 475,774,365 445,859,615
Deposits by the public payable after no
tics or on a fixed day in Canada
1,854,764,769 1,350,903,682 1,397,063,161
Deposits elsewhere than in Canada
319,414,790 316,071,916 309,736,501
Loans from other banks in Canada, so
cured, Including bills rediscounted.
Deposits made by and balances due to
other banks in Canada
12,479,509
10,863,148
10.883,831
Due to banks and banking correspondents in the United Kingdom
5,836,151
3,722,453
5,066,818
Elsewhere than in Canada and the
United Kingdom
26,873,072
26,211,090
40,557,241
Bills payable
960,838
862,948
585,555
Letters of credit outstanding
53,240,647
41,999,250
51,207.846
Liabilities not Incl. under foregoing heads
2,569,494
2.363,384
2,335.985
Dividends declared and unpaid
2.986,024
2,447,000
957.068
Rest or reserve fund
132,500,000 132,500,000 162,000,000
Capital paid up
144,500,000 144,500,000 144,500,000
Total liabilities
2,754,400,701 2,733,061,029 2,770.635,264
Note.—Owleg to the omission of the cents in the official reports, the footings in
the above do not exactly agree with the totals given.

British Budget Reduces Income Tax, Increases Dole,
Partially Restores Pay Cuts—Omits Provision for
War Debt Payments to United States-1934-35
Surplus Estimated at £796,000.
Neville Chamberlain, British Chancellor of the Exchequer,
presented to Parliament on April 17 a budget totaling
£706,520,000, with provisions for a number of tax reductions,
including an approximate 10% reduction in income taxes
and a 25% reduction in the automobile tax. The budget
makes full restoration of unemployment insurance benefits
(the dole) to the old level and restores half the economy pay
cuts which were effected in 1931 to balance the budget. He
estimated a budget surplus for 1934-35 of £796,000.
Mr. Chamberlain for the third consecutive year made no
provision in his budget for any payment to the United
States on account of the British war debt. When he told
the Parliament that he was repeating this omission expressions of approval came from the floor of the House of Commons. In his budget speech Mr. Chamberlain made this
reference to the American debt:
Neither last year nor the year before did I make any provision for the
payment of the war debts to America nor for the receipt of war debts or
reparations by ourselves. In the absence of any fresh development. I
propose to follow precisely the same course this year.

A London cable of April 17 to the New York "Times"
described the principal features of the budget message in
part as follows:
When Mr. Chamberlain presented his first budget in 1932, he made no
mention of the American debt, but the explanation at that time was that
it would be offset by receipts from Germany and other Continental powers
on account of reparations and war debts owed to Great Britain. Despite




2659

their omission from that budget, both instalments due to the United States
In 1932 were paid in full.
Token Payments Last Year.
In last year's budget there was no reference to the American debt, but
the explanation was different. Britain then had no intention of continuing
payments on the basis of the Baldwin settlement and did not. Instead she
made two nominal token payments in June and December 1933, amounting to £3,304,000.
Another outstanding measure of relief in the new budget is for the benefit
of automobile owners. Hereafter they will be obliged to pay a road tax of
only 15s. for each unit of horsepower at which their cars are rated. The
old tax was 20s.
It was imposed originally to protect the small-car industry of this country
by keeping out low-priced American automobiles of large horsepower. But
another effect has been to discourage mass production of more powerful
cars in this country, which in turn has prevented the development of
British automobile export trade. With Ford now manufacturing in
England, there is no incentive to keep his cars out.
Revenue Put at £706,520,000.
The estimated revenues for the year ending with March 1935 are.
Income tax
Surtax
Estate duties
Stamp duties
Excess profits
Land tax
Customs
Excise
Motor vehicles
Post Office net receipts
Miscellaneous
Total revenue

1219,500,000
50,000.000
76,000,000
25,000.000
1,200,000
800,000
183,650,000
106,350,000
5,000,000
14,000,000
25,020,000
£706,520,000

The estimated expenditures are.
Public debt
Northern Ireland
Consolidated fund
Post Office fund
Army
Navy
Air force
Army, navy, air pensions
Education
War and civil pensions
Health and Labor departments
Foreign services
Home and Justice departments
Local revenue aid
Central government
Trade and industry
Works and stationery
Cost of tax collection
Restoration of pay cuts
Total expenditures

£224,000,000
6,500.000
3.700,000
2.000.000
31 418 000
47,208.000
17,168,000
17.917.000
51,270.000
46,703,000
147.526,000
8,098,000
16.038,000
45,454.000
2,050,000
10.208.000
8.256,000
12,610,000
7.600,000
/705,724,000

SurplusL796,000
— The estimated income tax revenue of £219.500,000 at the new rate of
4s. 6d. in the pound Is £9,250,000 less than the estimate for the year just

closed at the old 5s. rate.

Another London dispatch to the "Times" April 17 pointed
in the British income
out that despite the_ latest
. reduction—
'a
; s Rho highest for any country in the world,
tax
added:
A married man with one child, earning £2,000 [the pound was quoted
yesterday:at 85.151 year, must pay £353 tax at the existing rate which
remains in effect until Jan. 1. At the new rate he will pay £317. If
the same man earned £1.000. he would pay £128 now and £115 under the
;the earned only £500 a year, he would nevertheless pay
new schedule.
£28 tax now and a little more than £25 at the lower rate.
Taxes for marrie (men without children and for single men are proportionately stiffer. Thus a bachelor whose salary touches £2,000 must pay
£378 income tax this year and £330 under the new schedule. If he earns
£1.000, his tax bill this year would be £153 and next year £137. A single
man earning £500 pays £53 tax this year and £47 at the new rate.
The exemptions, reduced two years ago, have not been restored. Thousands earning as little as £2 a week must pay income taxes, although they
never paid before 1931. No allowance is made for payments to dependents,
unless their .incomes from all_sources do not exceed £50 annually._
i'• A copyright London dispatch
_ - April 17 to the New York

"Herald Tribune 'quoted from the Chancellor's budget
speech in part as follows:

In opening his speech the Chancellor referred briefly to the dark days of
the two previous budgets and then went on in a tone of restrained optimism:
"To-day the atmosphere is distinctly brighter. There is a small but
distinct rise in wholesale prices. The rates of short-term interest have
achieved new low records. The prices of long-term loans also have improved, to an extent. I think, not perhaps fully realized. I wonder how
many people have recognized that stocks such as old 21,i% consols actually
stand higher to-day than before the war?
"Equilibrium has practically been restored in balance of payments.
Looking at the telltale statistics of such things as retail trade, consumption
of electricity, transport, iron and steel production and house building, in
every case there has been a definite revival of activity. We have established a new spirit of hope and confidence."
Continuing in a cautious vein, Mr. Chamberlain said.
"We must not allow ourselves to be tempted into forgetfulness of certain
unpleasant facts which will have to be reckoned with before we can feel
that our troubles are at an end. The improvement of the condition of the
country is due almost entirely to extension of the home markets and to
the greater part of that market which has been secured by our own people.
But, on the other hand, our export trade, although it is better, is still far
behind the figure it reached only a few years ago, not because we are being
beaten out of the field by competitors—for, on the contrary, we have now
regained our place as the first exporting',country—but because of the
disastrous shrinkage of international trade."
The Chancellor gave the budget and the British people a pat on the back
by asking the latter to compare the financial situation here with that of
any other country outside the British Empire. . . .
The Chancellor estimated the total revenue for the current financial
year at £706,520.000 (83,642,110,600 currently), with a total expenditure of
£705.724.000 (83.638,007,220), leaving an estimated surplus of £796,000
($4.103.380).
Ezchange Fund Shows Profit.
In his remarks about the British -national-debt, Mr. Chamberlain revealed that the exchange equalization_account_so far had made a profit.

2660

Financial Chronicle

Referring to last year's budget accounts, he explained a "net reduction
in the nominal total of the deadweight debt of £21,500,000 ($110.832,500)."
The members will see," he said, "that there is an apparent increase in the
debt of £178,500,000 ($920.167,500), but if you will add these two figures
together you will see that the difference is accounted Yor by an issue from
the exchequer to the exchange equalization account of £200,000,000. Thus,
the account still shows a profit."

Import Duties on Rice Increased by France—Not
Known Whether United States Rice Is Affected.
The French import duties on rice have been increased
by a law published in the French "Journal Official" for
March 25 1934, according to a cablegram to the United
States Department of Commerce from Commercial Attache
C. MacLean, Paris. An announcement issued March 28
by the Commerce Department added:
On whole rice, meal and grits, the general (maximum) rate has been
increased from 34.40 francs to 137.60 francs per 100 kilos gross, and the
minimum rate, which was also 34.40, to 68.80 francs per 100 kilos gross.
It is not known whether rice of United States origin will be subject to
the new general or the new minimum rate. Rice originating in French
Indo-China, the principal supplier to France, is admitted duty free.

"Vossische Zeitung," One of Germany's Oldest Newspapers,Suspends Publication—Described as Victim
of Nazi "Co-ordination" of Press.
The "Vossische Zeitung," one of the oldest German newspapers, suspended publication April 1 after it had been
printed for 230 years. This action was taken, according to
press reports from Berlin, as a partial result of the Nazi
"co-ordination" of the newspapers in Germany. Before the
accession of Chancellor Hitler to power the paper had supported liberal causes and opposed the Hitler movement.
Within the last year, however, the publication was controlled by the Government, and its circulation dropped below
50,000. A Berlin dispatch, March 23, to the New York
"Times" gave the following translation on an announcement
which appeared in the "Vossische Zeitung," March 24:
The "Vossische Zeitung," which looks back upon a tradition of more than
two centuries, was faced with an uncertain fate 20 years ago whe6 its
director and part owner for many years, Karl Robert Leasing, died. The
House of Ul'stein took it over to preserve it as a cultural treasure and as the
traditional newspaper of spiritually leading circles of the bourgeoisie.
The "Vossische Zeitung" gained new importance. Because it addressed
Itself to a relatively thin level of readers and put the highest requirements
on its own accomplishments, it demanded at all times such large contributions by the publishing house that they were perhaps unprecedented in the
history of the German press.
The "Vossische Zeitung" continued its work in a Germany with fresh
impulse, but our times have an urge toward larger communities—larger
than the circles to which the "Vossische Zeitung" addressed itself. The
need of the day is to consolidate all forces. The task of a newspaper of
the style of the "Vossische Zeitung" is ended.
Therefore, by our own free will we have made the painful cut and logical
decision again to give up the "Vossische Zeitung" and not publish it after
the end of this month. Thereby the resources in means and personnel of
our House, which employs nearly 9,000 persons, will be liberated for our
other newspaper and periodicals, as well as for new tasks.

Baron von Freitag-Loringhoven Appointed by Cermany
to Hague Court of International Justice.
The German Government has appointed Baron Axel
von Freitag-Loringboven, Professor of Law at Breslau
University and a member of the Prussian State Council,
to the Permanent Court of International Justice at The
Hague. A wireless message April 13 from Berlin to the
New York "Times" added:
His predecessor at The Hague Court, Professor Walther Schuecking,
International law authority, was dismissed last November from his professorship at Kiel University for being politically unreliable from a National
Socialist point of view.

Reichsbank Sets April 27 as Date for Conferences on
Germany's Long-Term Debt.
President Schacht of the Reichsbank has fixed April 27
as the date for the coming conference in Berlin on Germany's
long-term and medium-term foreign debts. The Basle
conference on Germany's foreign debt was noted in our
April 14 issue, page 2494.

April 21 1934

"gift" securities acquired abroad may be sold by the Reichsbank, and
even emigrants' credits are put under additional restrictions.
These drastic measures, like the embargoes decreed against the purchase of it, number of foreign raw materials, are a result of the precarious
foreign exchange position of the Reichsbank, which has reduced official
note coverage to 6.8% and is likely to force it even lower.

Foreign Purchases of Hides and Skins Temporarily
Prohibited by Germany—Decree to Remain in
Effect Until May 15.
A German Government decree of April 10 1934 extended
the Government import control on the purchase of foreign
raw materials to include hides and skins (tariff item 153),
according to a cablegram to the United States Department
of Commerce from the Commercial Attache at Berlin.
Purchases abroad are prohibited until May 15 1934. An
announcement issued April 12 by the Commerce Department
said that it is understood that this measure is connected
with the efforts to counteract the growing deficit in the
German trade balance and for the better rationing of supplies of industrial raw materials.
In the latter part of March similar control was established
over textile raw materials and copper; reference to the same
was made in our issue of March 31, page 2156.
Holland's 900,000,000-guilder Conversion Offering
Oversubscribed.
Under date of April 13 advices from Amsterdam to the
New York "Times" stated:
The Government's conversion loan of 900,000,000 guilders, for which
the subscription books opened yesterday, was reported successful to-day.
A total of 749,000,000 guilders was presented for conversion, while the
free subscription amounted to 155,000.000. Thus the total subscriptions
exceed the offer by 4,000,000. These figures are, of course, tentative.
Because of reduced interest the Treasury will gain about 5,000,000
blinders a year.

Earlier advices(April3)to the same paper,in reporting the'
issuance of the prospectus, said:
The price of the issue is not, as generally expected, 9935%, but is par,
which means a saving of 4,500,000 guilders for the State. The price,
however, is somewhat disappointing to the Stock Exchange here which
had figured upon 99li%.
The interest rate is 4%, as previously announced.

The Department of Commerce at Washington on April 9
announced the receipt of a report from Commercial Attache
Mse F. Van Wiekel, The Hague, with regard to the new
financing. The Department's announcement said:
The measure authorizes the Government to float one or more loans
to a maximum of 900,000,000 florins ($600,000,000 according to current
exchange quotations) for the purpose of reducing the charges for debt
service and to permit redemptions more in keeping with conditions expected
to prevail a few years hence.
The new loan is to have a maturity of 40 years with certain provisos
for earlier redemption and is to retire certain outstanding loans.
Although the new loan will probably bear interest at 4% and, therefore,
the interest rate will not be reduced on the 4% 1916 issue by its retirement,the date of maturity will be extended (it is now 1943)and the provision
in the original loan for a progressively nigher rate of redemption from 1937
onward will be eliminated, with a saving of carrying charges.
No information is vouchsafed for the exclusion of the existing 4.4%
loans from the conversion operation. These may possibly figure in a later
conversion, the report states.

A reference to the conversion loan appeared in our issue
of March 10, page 1654.
Proposal Made by Bulgaria to League Loans Committee
as to Interest Payment on Bulgarian 7% Refugee
Settlement Loan of 1926 and Bulgarian VA%
Stabilization Loan of 1928.
Eliot Wadsworth, American member of the League Loans
Committee (London), has advised Speyer & Co. and J.
TeTiry Schroder Banking Corporation, as American fiscal
agents for the Bu garian 7% Refugee "Settlement Loan of
1926, and the Bulgarian 73'% Stabilization Loan of 1928,
that a communique was published in London on April 20
Fearing on a proposal of the Bulgarian Government to transfer in foreign exchange"5-2M% of theinterest serVice on tire
two League Loans during the next two years. The communique says:

Mark Exportation Is Banned by Germany—Decree
Makes Currency a Purely Domestic One, Like
the Ruble.
Under date of April 17 a wireless message from Berlin to
the New York "Times" said in part:

As the Government has provided in foreign exchange up to 15th April 1934
only 25% of the monthly installments of interest, it will provide forthwith
In foreign exchange sufficient additional sums to make up 32li% of the
coupon due 15th May 1934 on the 1928 Loan, and let July 1934 on the 1926
Loan respectively. Thereafter it will transfer in foreign exchange 32li%
of the amounts due for interest on each of the normal monthly installment
dates.

The German mark, like the Russian ruble, became a purely domestic
currency to-day, when the Government issued a decree prohibiting the
vemoval from the country of any mark bills of domestic gold coin.
The decree further limited the amount of cash of any kind that could
be taken or sent out of the country to 50 marks monthly per person.
Travelers leaving Germany will have to exchange their mark bills at the
border.
The new decree, which is the eighth affecting foreign exchange, goes
Into effect on May 1. In another decree the Government assumed virtual
control over credits and securities held by German citizens abroad.
All transactions with them are made subject to approval and claims
against foreigners, when in marks, must be reported to the Reichsbank;

The League Loans Committee announce that during the past few days
they have discussed the service of the two above-named League of Nations
Loans with Mr. Moushanoff, Prime Minister of Bulgaria, Mr. Stephanoff,
Finance Minister, and Mr. Stoyanoff. Director of the Debt Administration.
The Bulgarian Government has duly carried out its undertaking, announced
on the 24th of August 1933, to transfer in foreign exchange 25% of the
interest service of the two League Loans for the period May 1933 to April
1934 inclusive. The Government has in addition provided the untransferred balance of the services as agreed In Levas, which the League of
Nations' Commissioner has relent to the Government against 2% Leva




The communique as published in London follows:

Volume 138

Financial Chronicle

Treasury Bills, and the 1934-35 Budget as now passed by the Bulgarian
Parliament provides the full service (interest and sinking fund) of the two
League Loans in Lovas as before. The Bulgarian Government now addresses
the following proposal to the League Loans Committee,
1. The Bulgarian Government will transfer in foreign exchange 32Si% of
the interest service on the two League Loans during the next two years, viz.
for the 1926 Loan 32Si% of the coupons from 1st July 1934 to the 1st July
1936 inclusive; for the 1928 Loan 32Si% of the coupons from the 15th may
1934 to the 15th May 1936 inclusive. The coupons will be regarded as
satisfied by these payments, and no scrip will be given in respect of the
untransferred portion. As the Government has provided in foreign exchange up to 15th April 1934 only 25% of the monthly instalments of
interest, it will provide forthwith in foreign exchange sufficient additional
sums to make up 32Si% of the coupon due 15th May 1934 on the 1928
Loan, and 1st July 1934 on the 1926 Loan respectively. Thereafter it will
transfer in foreign exchange 323i% of the amounts due for interest on each
of the normal monthly instalment dates.
2. These payments will be in addition to and distinct from those which
Bulgaria has undertaken to make in respect of the 10% payment on the
blocked Lovas which have accumulated during the years 1932-34 as announced on the 24th November 1933. A separate notice will be issued
giving further details of these payments.
3. The Bulgarian Government will provide in each of its Budgets for the
financial years 1934-35 and 1935-36 the full service (interest and sinking
fund) of the two League Loans in Levas; out of these sums it will transfer
each month to the Trustees 32%% of the monthly instalments of interest as
described above;for the balance of the service in each year, viz. 67)4% of the
interest and the full amount of the Sinking Fund it will hand to the League
of Nations' Commissioner non-interest bearing Lova Treasury Bills at the
beginning of each of the financial years 1934-35 and 1935-36.
At the end of each of these years, when the Government has duly transferred in foreign exchange 3234% of the interest throughout the year the
Commissioner will release these Bills to the Government.
4. The Bulgarian Government undertakes that if it accords more liberal
terms to any other foreign obligation due from or guaranteed by the Bulgarian State it will accord as favorable terms to the two League Loans.
5. The Bulgarian Government expressly states that the foregoing proposals relate solely to the two years covered by the present arrangement,and
will in no way prejudice the ultimate arrangements for the service of the two
League Loans after this period has elapsed. The Government undertakes
to discuss these ultimate arrangements w th the League Loans Committee
before it frames its Budget for the financial year 1936-37, and in any case
before the 31st January 1936.
Signed for the Bulgarian Government,
N. Moushanoff, Primate Minister,
Stephanoff, Finance Minister
N. Stoyanoff, Director of the Public Debt.
The League Loans Committee have properly considered these proposals
and have also studied the situation of Bulgaria in the light of the information
which has been made available by the League of Nations, as well as by the
Bulgarian representatives themselves. In the circumstances the Committee
believe that the bondholders would be well advised to acquiesce in the
Bulgarian Government's proposals.
For the League Loans Committee,
Austen Chamberlain, Chairman.

Soviet Russia Floats New Loan of 3,500,000,000 Rubles.
In Associated Press advices from Moscow, April 14, it
was stated that the issuance of a new domestic loan, aggregating 3,500,000,000 rubles and running ten years, was
announced that night by the Soviet Government. It will
be known as "the loan of the second year of the second FiveYear Plan," and will carry the option of either a lottery or
interest-bearing bonds, which will pay 10% annually. Regarding the campaign which is being conducted in behalf of
the loan, a cablegram from Moscow April 15 to the New
York "Times" said in part:
Bond selling teams will be organized in cities, villages,factories and farms
and will engage in "Socialist competition" in an effort to bring about the
speedy success of the drive. The Central Committee of the Soviet has
Issued an appeal to workers to subscribe three weeks' wages. A houseto-house canvass also will be made.
Mikhail Kalinin, Chairman of the committee, in a telegram to all local
authorities, directed that all cultural forces and the press be used to insure
the success of the campaign. He closed with the statement.
"The whole campaign is to be conducted without the least coercion,
on a basis of voluntary contributions."
The people who do not subscribe, however, will be socially very uncomfortable. The workers' subscriptions will be deducted automatically
from their wages in instalments covering tea
months.
The press emphasizes that the money will be devoted to making life
fuller and more comfortable, and points out that the number of industrial
workers increased from 14,000,000 in 1930, when the Soviet budget was
35.000,000,000 rubles, to 21,000,000 last year, when the budget was
50,000,000,000 rubles. In this same period the total annual wages rose
from 13.000,000,000 to 34,000,000,000 rubles.
The present bond issue is the largest of any made for the first and second
five-year plans, and will bring the total for internal loans since 1928 to
13,911,000,000 rubles. All this is still outstanding, as these loans are for
ien years.

Break in Grain Prices—Prediction by Secretary Wallace
Question of Duty on Polish Rye Reported Among
Contributing Causes.
Grain prices broke sharply on the Chicago Board of Trade
this week, with the decline led by wheat and rye. Yesterday
(April 20), however, there was a partial recovery, with wheat
futures closing fractionally higher, although they ended the
week at the lowest levels since last October. Several reasons
were advanced in trading circles for the unsettlement in
grain prices. It was said that some speculators with heavy
commitments on the long side had been forced to close out,
thus precipitating a wave of liquidation. Another cause of
the break was said to have been intimations from Washington
that the Administration disapproves certain proposed inflationary measures before Congress, particularly those calling for silver remonetization.
The fall of grain prices on Apil 18 was ascribed to the refusal
of Secretary of the Treasury Morgenthau to raise the tariff
on Polish rye. On the following day (April 19) renewed
liquidation was attributed to a statement by Secretary of
Agriculture Wallace, in which he was quoted as saying that




2661

no exportable commodity could be indefinitely held on a
domestic basis above the world price. This was taken to
mean that a downward readjustment of grain prices would
be tolerated at Washington and is to be expected. As a
result of the steady daily declines,interrupted only yesterday,
wheat prices have fallen more than 15 cents a bushel in
Chicago in the last week.
A Chicago dispatch April 18 to the New York "Times"
read in part as follows:
Charges were made by a committee of Board of Trade members to-day
that the Federal Administration was directly responsible for the drastic
declines in grains this week by failing to raise the tariff on rye imported
from Poland. The charges were contained in a letter addressed to Secretary
Morgenthau and sent by P. It. O'Brien for the board members.
The effect of the ruling of Mr. Morgenthau on April 11, when he dedined to raise the tariff on Polish rye, the letter asserted, has been to
cause such concern in the grain trade over the possibility of similar action
in other commodities as to have shaken tne national markets.
Mr. O'Brien asserted that Secretary Morgenthau had not obeyed Section 303 of the Grundy Tariff Act of 1930, making mandatory upon the
Secretary of the Treasury an increase of duties on crops when the exporting
nation pays a bounty. He charged the Administration with knowing these
facts for months, but by delays permitting millions of bushels of rye to
come into the American market and causing general price declines in all
grain markets.
"In your published order," the latter said, "you say domestic stocks
of rye are inadequate to supply the demand. This is contrary to fact.
From the present supplies on hand and with average domestic disappearance
there is shown to be at least an 8,000,000-bushel carry-over into the new
crop.
"The imports of rye into the United States are practically the same as
will be our carry-over on July 1. Therefore, dumping under Governmet
bounty forced down prices in a manner wholly unjustified."

Increase in Gold Reserves of Bank of Poland.
Under the above head, the American Polish Chamber of
Commerce and Industry in the United States, Inc., has the
following to say in its "Survey of Poland," issued under
date of March 24-31:
The decrease in the prices of gold coin, which are now at par, have
resulted in the liquidation of hoarded gold in Poland in recent months,
and this change is reflected in the latest statements of the Bank of Poland,
which show an increase of the gold reserve of the bank over and above any
increase which could be expected under normal conditions.
At the end of January the gold reserves of the bank stood at 478 million
zlotys, an increase of two million zlotys over the total at the end of
December. In the first 10 days of January a further increase of 843,000
zlotys is shown, while the returns for the period from Jan. 20 to Jan. 81
reveal an increase of 700,000 zlotys, the total reserve being 477.5 million.
There was also during this decade a decrease in foreign currencies and
bills by 6.3 million to 81.8 million, and the bank repaid to French banks
half of the credit of 30 million French francs taken in the autumn of 1933
for the financing of loans against registered security on crops.
The bank's statement for the third decade of January shows bills discounted 644.4 million zlotys (an increase of 9.1 million) collateral loans
57.5 million (a decrease of 0.3 million), and Treasury bills discounted
47 million (a decrease of 0.3 million). The note circulation was 947.1
million (en increase of 22.9 million) ; gold coverage of note circulation
and sight liabilities 43.60% (as against 43.79% in the previous 10-day
period). This coverage is 13.60 points over the minimum required by
the statutes.

Profits on Gold Reduce Taxes in South Africa—Treasury Surplus Leads to $10,000,000 Budget Cut.
Surpluses resulting from the premium on gold enabled
Finapco Minister:N.C. Havenga of South'Africa,in presenting
the budget on April 10 to announce reduction in taxation
amounting to $10,000,000, including restoration of penny
postage within the Empire. Canadian't Press advices,
April 10, from Cape Town, published in the New York
"Herald Tribune" added:
Striking figures showing the effect on the'enhanced value of gold on
South Africa's mining profits and general discs] position were given in the
budget covering the first full year since South Africa went off the gold
standard.
Despite the tax on excess gold mine profits, the mine dividends increased
by 51% in 1933 compared with 1932. the Finance Minister stated. While
gold production decreased by 545.000 ounces, owing to the mining of lower
grade ore, the total value of the gold mined had increased by $95,000,000.

Supplementary Drawing for Redemption of $194,500
Bonds of San Paulo 7% Coffee Realization Loan
of 1930.
Speyer & Co. and J. Henry Schroder Banking Corp.,
United States of America fiscal agents for the State of San
Paulo 7% Coffee Realization Loan 1930, announced April 17
that a supplementary drawing has taken place for redemption
on April 20 1934, of $194,500 bonds of the loan. Numbers
of these bonds are published in the "Chronicle" to-day.
Drawn bonds will be paid in New York on the basis of
which equals E1 sterling, or at the rate of $1,061.34
$5.16
for each $1,000 drawn bond. Accrued interest on the above
bonds will be paid, without premium, from April 1 1934 to
April 20 1934, the announcement said; it adds:
The loan contract provided for the redemption on April 1 1934,of$1,750,000 bonds, but the funds available for this purpose, after absorbing the
reserve fund and providing for the payment due on the coupons of the above
issue, allowed for the redemption on that date of only $1,255,000 bonds,
which, together with the $194.500 bonds repayable on April 20. will make a
total of $1,449,500 bonds redeemed.

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Financial Chronicle

After retirement of these bonds there will remain outstanding $24,137.000
of the $35,000,000 bonds originally issued in the United States of America.

Sinking
Coupons Maturing May 1 on External 7
Fund Gold Bonds of Buenos Aires to Be Paid at
Rate of $30.98 for Each $37.50, $15.49 for $18.75
and $3.11 for $3.75.
Announcement was made on April 16 that the Province of
Buenos Aires is notifying holders of its external 732%
sinking fund gold bonds dated Nov. 1 1925 and due Nov. 1
1947 that it has made available at the Corporate Agency
Department of the National City Bank, New York, for
delivery on or after May 1 1934 to bondholders who assent
to the loan readjustment plan of 1933, the sum in cash of
$30.98 with respect to each $37.50 coupon; $15.49 with
respect to each $18.75 coupon and $3.11 for each $3.75
coupon maturing May 1, together with 5% arrears certificates
for the balance remaining unpaid.
United States Withdrawal from Haitian Affairs Probable as Result of Conference Between President
Roosevelt and President Vincent—Fiscal Control
and Marine Occupation to be Ended by October—
Plans Viewed as Satisfactory to Bondholders.
Complete withdrawal of official participation by the United
States in the affairs of Haiti appeared likely April 17, following a conference between President Roosevelt and President Stenio Vincent of Haiti, who arrived in the United
States March 26. After the White House conference it was
announced that American marines would be removed from
Haiti by the end of October, and it was indicated that the
fiscal control exercised by the United States would be concluded before that date. It was reported from Washington
that adequate protection would be afforded the holders of
$11,000,000 in Haitian bonds outstanding.
In a joint statement issued by both Presidents April 17,
the policy of "the good neighbor" in international relations
was praised. The statement also said that a possible commercial agreement had been discussed. The text of the
statement follows:
We have had an opportunity to discuss in the most friendly and cordial
manner the different problems arising in the relapions between the governments of the United States and of Haiti.
In connection with the departure of the United States Marines from Haiti
during the month of October next, as already provided in the agreement of
Aug. 7 1933. President Roosevelt intends to request authority from the
Congress of the United States to make a gift to Haiti of a portion of the
Marine Corps material which the Haitian Government feels would be
useful to it.
We have exchanged views regarding the possibility of a commercial
agreement which would increase the flow of goods between the two countries:
and finally, we have discussed a new form of financial administration which
is satisfactory to our two governments and which should be equally satisfactory to the holders of the bonds of the 1922 loan.
We are both inclined to the belief that the policy of the good neighbor
which the Government of the United States is endeavoring to apply in its
relations with the other American republics will be signally manifested in the
results which will be obtained from this exchange of views and from negotiations which are now taking place with a view to the practical application
of the decisions reached in principle during our present conversations.
"Certainly Haiti will now be in a position to look forward to her future
with the greatest confidence."

A Washington dispatch April 17 to the New York "Times"
commented upon the conference as follows:
The basis of discussion of the fiscal control was understood to be the
Leger plan, under which supervision of customs and other receipts, now
exercised by Sidney de la Rue, fiscal representative of Haiti, would be
turned over to the National Bank of Haiti.
The Leger plan, originally proposed by a Port au Prince lawyer, was not
satisfactory in Its entirety to Sumner Welles, Assistant Secretary of State,
and other State Department officials in touch with the Haitian situation.
It was considerably modified at the conference.

Proposal to Sell National Bank of Haiti to Haitian
Government—Offer of National City Bank Reported Under Consideration by State Department
at Washington.
From Washington April 17 a dispatch to the New York
"Times" stated that an offer by the National City Bank of
New York to sell the National Bank of Haiti, a subsidiary,
to the Haitian Government, is under consideration by the
State Department. The dispatch went on to say:
The plan is regarded as a step in the movement toward less stringent
supervision of the island republic's customs and finances by Americans.
The offer is said to have been made as an outgrowth of the feeling among
officials of the National City Bank that the Haitians should own their bank.
James H. Perkins, Chairman of the Board of the National City Bank.
originally made the offer to sell the Haitian Bank three months ago, but the
•facts were not learned until to-day. State Department officials refused to
-night.
discuss the offer to
The stock of the National Bank of Haiti has been wholly owned by the
National City for several years. The latter bank has been active In Haitian
finances more than 12 years. In 1922 the National City Co., affiliate of the
National City Bank, offered $16,000,000 of Republic of Haiti customs and
general revenue external 30-year sinking fund gold bonds for the purpose of
refunding Haitian loans outstanding in France, and to provide funds to pay
Internal floating debts.
The Banque Nationale de la Republique d'Halti, which I. the official
name of the national bank of Haiti, was incorporated in August 1922, in




April 21 1934

Haiti as the successor to the Banque Nationale d'Halti, a French corporation. It conducts a general commercial business, is the sole bank of issue In
Haiti and is the depository ofcustoms receipts. The head office is at Port au
Prince. The bank has eight branches and three agencies in Haiti. It is not
a member of the Federal Reserve System.
The bank Is controlled by the National City through its subsidiary. the
International Banking Corp., which holds the foreign banking units of the
National City.
On Nov.30 1932. the National Bank of Haiti had total assets of $6,919.394. Its deposits totaled $3,176,192. and its notes in circulation amounted
to $1,332,107. Its capital was $2,000,000, and Its surplus and undivided
profits, $251,621.

Puerto Rico Legislature Votes to Ask Congress for
Statehood—Resolution Calls for Constitutional
Convention.
The Puerto Rico Legislature on April 18 adopted a resolution asking the United States Congress to authorize the
calling of a constitutional convention to prepare a Constitution for the State of Puerto Rico. The resolution was
adopted in the House without debate and without a record
vote, while the Senate passed the resolution by a vote of
11 to 3. This was the first time the Island Legislature ever
voted for statehood. A wireless dispatch April 18 to the
New York "Herald Tribune" from San Juan summarized
the Senate debate as follows:
Senators Luis Munoz Mann and Antonio Barcelo, leaders of the IndePendence and Liberal parties, respectively, opposed the resolution. The
former said that statehood never had been promised by the Federal Government; that it meant the election of a Governor, the appointment of a
Supreme Court and Congressional representation, but that it spelled economic ruin, because of the imposition of Federal income and other taxes,
while the island would lose Federal revenue now returned to the insular
treasury.
Independence, Senator Munoz Mann argued, would bring tariff-making
power and freedom to seek markets favorable to the Island. Ile considered
Independence inevitable within five years as an escape from the economic
and social situation, and he ridiculed a demand for statehood from a community, the majority of which aspired to independence.
Senator Barcelo held that statehood offered nothing essential, that the
Island already Possessed a national language and a national soul. He
questioned the sincerity of the resolution.
Rafael Martinez Nadal, President of the Senate and verteran advocate
of statehood, said membership. In the American Union meant for Puerto
Rico peace, plenty, security and freedom from "hunger, bloodshed and
dictatorship."

First Consignment of Gold from El Salvador Since
19!11 Arrives in New York.
The first consignment of newly-mined gold from El Salvador to the United States since 1921 arrived in New York
City toward the close of last week. The shipment, consigned
to the United States Assay Office, arrived at Miami, April 9,
having been shipped from El Salvador to the southern port
via Pan-American Airways. It is stated that this first
shipment was made possible through the commencement of
gold mining operations at the Potosi Mines in El Salvador,
according to A. J. McAllister, President of the Central
American Mines, Inc. The latter company is a holding company, which through subsidiaries controls the Potosi and
other gold and silver properties in the Republic of El Salvador. The first consignment, Mr. McAllister said, amounted
to 512.05 troy ounces.
President Roosevelt Praises Pan-American "Unity of
Interest" and Ideals—Message Read at PanAmerican Day Celebration—Secretary of State
Hull Urges Wider Cultural Relations.
The "essential unity of interest and community of ideals
of the Nations of the Western World" were praised by President Roosevelt, in a message read in New York, April 14,
by John L. Merrill, President of the Pan-American Society,
in a radio broadcast celebrating the observance of PanAmerican Day. Secretary of State Cordell Hull, in a PanAmerican Day address at Washington, April 14, stressed the
growth of close cultural relations between the nations of
North and South America. President Roosevelt's message,
as read during the radio broadcast, was as follows:
I wish to send to you and to the members of the Pan-American Society
a warm word of greeting on the occasion of the celebration of PanAmerican Day. The observance of this day throughout the continent serves
to emphasize the essential unity of interest and community of ideals of the
nations of the Western World.
It must be a source of gratification to every citizen of our country that
our relations with the republics of Latin America are closer to-day than
they have ever been before. What has been accomplished by governmental
action must now be supplemented by the people of North, Central and South
America in establishing those currents of cultural and intellectual understanding so necessary to the development of Pan-American co-operation.
Permit me to express a sense of appreciation for the important contribution which the Pan-American Society is making to this great purpose.

Secretary Hull's address, in part, follows:
During the last year it has been my privilege to preside over the meetings
of the Governing Board of the Pan-American Union. I have been deeply
impressed with the fine spirit of co-operation which the members of the
Board bring to each and every one of the important problems which they
are called upon to consider. It Is this spirit of unity, of essential community of interests, which characterizes the discussions and which guides

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Financial Chronicle

the Board in reaching its concluSions. I know of but few, if any, instances
in the history of international relations in which higher standards of international dealing have been maintained.
This occasion atfords me the opportunity again to emphasize the importance of fostering closer cultural ties between the nations of this
continent. Such currents of understanding are essential to the growth
of a truly continental system based upon mutual comprehension of purposes
and ideals. The interchange of professors, and especially the establishment
of scholarships and fellowships for students from other American countries
are essential factors in furthering this great purpose.
I cannot emphasize too strongly the importance of giving more attention
in the schools and universities of the United States to the history of Latin
America. I am under the impression that in the schools of these republics
the fullest attention is given to the history of the United States.
We must devote equally full attention to the history of the Latin
American countries in any instance where we may not be doing so. Their
history is full of lessons of great value. To all of us, whether living north
or south of the Equator, the record of the development of democratic institutions on this continent is a matter of vital interest. In a sense, this
continent has been and is a great laboratory, in which the development of
similar institutions, under totally different environmental conditions, is
full of instruction both,to the student and to the statesman.
No one would accuse me of being unmindful of the importance of developing closer commercial ties between the nations of America, but considering
the situation from the point of view of the development of a distinctly
American system, based upon mutual confidence and mutual understanding,
I cannot escape the conclusion that the establishment of more
and more
channels of intellectual intercourse is of primary importance.
The commemoration of Pan-American Day this year possesses a special
significance for us in the United States. At no time in our history have
the relations with our sister republics been on a more firm and
sound
foundation. Suspicious aroused in the past have been allayed. The recent
Pan-American conference at Montevideo marks the beginning of a new era.
We, in the United States, in common with the citizens of the republics
of Latin America, have every reason to rejoice that this new spirit
pervades
the continent. The free peoples of the Americas are now in a position
to
give to the world an example of an international system in which mutual
sympathy, fair dealing and constructive co-operation are the guiding principles of international conduct. In so doing, we shall best serve our
own
permanent interests as well as those of the world at large.

Message of President Roosevelt to Congress Transmitting Report of Survey for Inter-American Highway
Between Panama and United States.
On March 6 President Roosevelt, in a brief message to
Congress, transmitted the report of a reconnaissance survey
for an inter-American highway between Panama and the
United States. It was noted in Associated Press advices
from Washington March 6 that the proposed road is the
first link in the great Pan-American Highway between the
United States and Argentina, envisioned by officials for
many years and referred to favorably by President Roosevelt
last November in his Pan-American Conference announcement. The message follows:
To the Congress of the United States:
I transmit herewith two copies of a report
prepared by the Bureau of
Public Roads, Department of Agriculture, a letter of
transmittal addressed
to the Secretary of State by the Secretary of
Agriculture, and a letter from
the Secretary of State concerning a reconnaissance
survey for an interAmerican highway
FRANKLIN D. ROOSEVELT.
The White House, March 6 1934.
From Secretary of State to the President.
The President:
Pursuant to the act of Congress approved March 26 1930
71st Congress), I beg to submit herewith, for transmission (Public No. 78
to the Congress,
two copies of a report of a reconnaissance survey
between the Republic of
Panama and the United States, together with a letter of
transmissal
from
the Secretary of Agriculture dated Jan. 25 1934.
As shown in that letter, the report was prepared
by the Bureau of Public
Roads, Department of Agriculture, which Bureau was the
to co-operate with the several governments, members of theagency selected
Pan-American
Union, which signified a desire to participate in the
surveys. A third
copy of the report, for your personal use, is also
submitted.
The report contains a description of the selected
route with accompanying diagrams of line and profile, and there appears in
reagrd to each
country which will be traversed by the highway a
general statement of
the principal facts of an economic nature related to the
proposed enterprise. There Is also included in the report a series of airplane
photographs
as well as other pertinent information regarding the
proposed highway.
In submitting the report. I desire to acknowledge the
helpful co-operation which has been received from officials of the several
interested governments.
That of Panama not only collaborated with the
representatives of this
Government in connection with the survey conducted through that
country.
but also generously provided, free of rent, office space in
which were
established the headquarters of the officials conducting the surveys
throughout the three-year period during which the work was in progress.
Valuable assistance was also received from officials of the
Governments
of Costa Rica, Nicaragua, Honduras and Guatemala in
connection with
the reconnaissance surveys made in these countries.
While the Governments of El Salvador and Mexico did not make
an
official request for co-operation through the Pan-American Union as
provided for under the Act of Congress, since the route through
those
countries had already been largely determined and the highway
Partly
constructed, nevertheless officials of both of these Governments furnished
important information regarding the route selected and highways completed in their respective countries.
Respectfully submitted,
CORDELL HULL.

Daylight Saving Time in Effect 2 A.M. April 29—Announcement by Federal Reserve Bank of New
York.
The New York Federal Reserve Bank has issued the following announcement regarding the observance of daylight




2663

saving time, which goes into effect at 2 a.m. Sunday, April
29 (when the clocks will be set ahead one hour):
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1378, April 20 1934.1
DAYLIGHT SAVING TIME.
To All Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned.
So-called daylight saving time will be effective in the cities of New York
and Buffalo, New York, during the period from 2 a.m. on Sunday. April
29 1934, to 2 a.m. on Sunday, Sept. 30 1934. During this period local
time in the cities of New York and Buffalo, New York. will be one hour
in advance of Eastern standard time, and this Bank will operate on such
local time.
GEORGE L. HARRISON, Governor.

Senate and House Sub-committees Redraft Bill Providing for Federal Regulation of Stock Exchanges—
Senate Bill Proposes Independent Commission as
Administrative Authority—House Bill Lodges Authority with Federal Trade Commission.
Redrafts of the Fletcher-Rayburn bill for Federal regulation of stock exchanges were completed this week by respectively a sub-committee of the Senate Banking and
Currency Committee and a sub-committee of the House
Committee on Inter-State Commerce. The Senate bill as
redrafted by the sub-committee embodies the amendment
proposed by Senator Glass providing for an independent
commission with power to regulate margin requirements.
The bill redrafted by the House sub-committee carries a
45% marginal requirement, and contrary to the Senate
committee's bill, which sets up a separate commission, to
regulate stock exchanges, the House measure invests the
regulatory authority in the Federal Trade Commission.
Both redrafted measures were presented to the full committees on April 19. The Sub-Committee's report was
approved yesterday (April 20) by the Senate Banking and
Currency Committee by a vote of 11 to 8; 9 Democrats and
2 Republicans voted for the measure, while 2 Democrats and
6 Republicans voted in opposition. In its Washington advices April 18 the New York "Times" stated that the Senate
Sub-Committee redraft is a document of more than 13,000
words. In includes the Glass amendments covering administration and margins transactions. A change was made in
the time limit for the application of the law to margin accounts existing at the time of enactment. Senator Glass
fixed Jan. 31 1939 as the limit. The Sub-Committee made
it June 30 1936. In part the account added:
Subcommittee of Senate Increased Membership of Proposed Commission.
For a while after the President's conference with House leaders Sunday
night there was talk that the Glass amendment might be eliminated and
a fixed margin provision substituted along the same lines as that written
by the House Committee. The Glass amendment was designed to vest
power in a commission of three members to regulate margins so far as
Exchange transactions are concerned, with authority to the Federal Reserve Board to fix margin requirements applicable to collateral loans and
other credits granted by or through member banks. The subcommittee
draft increases the number of the proposed board from three to five.
The House bill fixes the loan value of a security at 55% of its market
price, or 100% of the lowest price at which it sold in the preceding three
years, providing that the loan value shall not exceed 75% of the current
market price. There is a modifying clause, however, by which discretionary powers are vested in the Federal Reserve Board to raise or lower
margins when in its opinion such action is deemed necessary.
The fact that only minor changes were made in the Glass amendment
was interpreted as meaning that President Roosevelt is not as much opposed to it as was .made to appear. Senator Fletcher conferred with
the President last Saturday, at which time he is understood to have called
to his attention all of the major changes written by the committee of
which he is the Chairman.
Not more than three of the five members of the administrative board
called for in the Glass amendment would be from the same political Party.
There has been considerable discussion of a suggestion that the Board.
which would be officially known as the Federal Securities Exchange Commission, ultimately may be vested with the administration of the Securities
Act of 1933, the amending of which Congress is expected to undertake
soon. Whether the subcommittee had this in mind when it decided
to enlarge the Commission was not disclosed.
With the exception of control by the Federal Reserve Board of margin
transactions involving member banks of the Reserve System, the Commission which would be set up by the Senate bill would have the broadest
of powers to control the use of manipulative and deceptive devices on the
exchanges, regulate the floor-trading activities of Exchange members
and fix regulations governing reports of condition by corporations.
The title of the Senate bill also is changed. As originally written.
the purpose was declared to be "for the registration of National securities
exchanges operating in inter-State and foreign commerce and through
the mails and to prevent inequitable and unfair practices on such exchanges and for other purposes."
Title of the Bill Redrafted.
The redraft amends this title to read:
A bill to provide for the regulation of securities exchanges and overthe-counter markets operating in inter-State and foreign commerce and
through the mails, to prevent inequitable and unfair practices in such
exchanges and markets and for other purposes.
Representative Rayburn of Texas, Chairman of the House Committee
on Inter-State Commerce, said that the bill as redrafted by the subcommittee, of which he is Chairman, carries all the changes previously announced by the Committee without material revision. It would put
the Federal Reserve Board in charge of margins, while the Federal Trade
Commission would be the administrative agency. These are the two major
points of difference between the two committees and, according to all

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Financial Chronicle

signs, will be the provisions around which the battle in conference will
center after the two Houses have acted.

Recording one of the last-minute changes made in the bill
by the Senate sub-committee, Washington advices April 17
to the "Times" said:
As changed, the draft would exclude stockholders owning less than 10%
of a company's stock from the clauses requiring monthly reports on stock
holdings by officers, directors and principal stockholders. Previously the
bill required these reports from stockholders with 5% or more of stock.
Profit Calculations Modified.
Advocated because of the disclosures of the activities of Albert H. Wiggin,
former Chairman of the Chase National Bank, the section would allow the
company to recover from the principal stockholders any of their profits on
transactions in the company's stock within six months. Another part of
the section was softened by striking out arbitrary methods of figuring the
profits subject to suit by the stock issuer. The language eliminated read:
"For the purposes of this subsection the profit shall be calculated on the
sale or sales by such person of such security made at the highest price or
prices, and on the purchase or purchases made by such person of such
security at the lowest price or prices, during the six-month period, irrespective of the certificates for such security received or delivered by such person
during such period."

On April 19 it was stated in Associated Press advices from
Washington that the full Senate Banking and Currency
Committee resisted a series of efforts to attach weakening
amendments to the bill, and all but completed action on
the measure. A final vote on reporting it favorably was
deferred until the following day. The Associated Press
accounts of April 19 said:
Ferdinand Pecora, who as Counsel for the Senate Committee conducted
the long investigation of Wall Street and banking practices out of which the
measure grew, expressed himself as well satisfied with the bill. "With the
one possible exception of Section 7, on margins," he said, "it will give the
public protection that the investigation conducted by this committee shows
the public should have."
On three roll calls efforts of Republican members to have certain sections
stricken from the measure were defeated, Senator John G. Townsend,
Republican of Delaware, moved the elimination of the section giving the
regulatory commission disciplinary powers over stock exchanges. His
motion was beaten, 9 to 6. Voting for the proposal were Reynolds, Democrat,and Goldsborough,Townsend, Walcott, Carey and Kean,Republicans;
against were Glass, Wagner, Bulkley, Costigan, Byrnes, Bankhead and
Fletcher. Democrats, and Norbeck and Couzens, Republicans.
A motion to eliminate a provision authorizing the regulatory commission to fix "reasonable rates of commission, interest and other charges"
was defeated, 12 to 5. Voting for it were Townsend, Walcott,Goldsborough,
Carey and Kean, Republicans, and against, Glass, Wagner, Barkley,
Bulkley, Costigan, Reynolds, Byrnes, Bankhead and Fletcher, Democrats.
and Norbeck, Couzens and Steiwer, Republicans.
An effort to eliminate the section which would forbid representation that
the commission's permission for listing a stock commends that issue as an
Investment was defeated, 9 to 8.
The committee reinserted the much-disputed Section 2,in a form differing
from the original but satisfactory to the friends of the bill. This is a recital
of constitutional authority for the measure,intended to strengthen it against
Inevitable court tests.
Penalties for violation were reduced. The original measure stipulated 10
years and $25,000 fine. This was changed to five years and $10,000 fine
for violations of regulations by the commission and five years and $25,000
fine for violations of the act.

In the case of the bill of the sub-committee of the House,
it was stated on April 19 that such opposition to it developed
in the whole committee on April 19 that an adjournment
was taken until April 20.
From a dispatch April 19 to the "Times" we quote:
The principal opposition is understood to be directed at the margin and
administrative provisions of the redraft. They are completely at variance
with those of the Senate Committee on Banking and Currency, which
adopted the Glass separate administrative commission plan and more
liberal margin provisions written by Senator Glass.
The House redraft retains a statutory formula for margins with a modifying clause, as it vests discretionary authority over margins and credits
with the Federal Reserve Board. It retains the Federal Trade Commission
as the administrative agency. The House redraft fixes Aug. 1 as the effective date of the law, while the Senate sub-committee draft, reported to the
Banking and Currency Committee yesterday, makes the law effective
Oct. 1.
Differ on Emergency Clause.
Section 2, the so-called "necessity-forThe Senate committee
regulation" provision written by the experts of the Treasury, Federal
Reserve Board and Federal Trade Commission, was modified. This
provision Samuel Untermyer described as "a stump speech." Certain
members of the Senate sub-committee viewed it as not an entirely honest
expression of legislative thought.
2.
The House sub-committee, however, did not so interpret Section
experts,
Instead, it retained the "stump speech" in the form written by the
which declared the legislation to be of an emergency nature and necessary
to hold unemployment within bounds and to prevent the dislocation of
trade, transportation and industry.
the
Both the Glass amendments written Into the revised Senate draft,
first creating an independent administrative agency to be known as the
eliminating
second
Federal Securities Exchange Commission, and the
fixed margin requirements and vesting authority in the commission and in
the Federal Reserve Board to raise or lower margins as they deemed necessary, were rejected by the House sub-committee.
Stipulations of the House Draft.
The House sub-committee's provisions stipulate that the extension of
margin credits shall be based on a fixed standard: namely, 55% of the
current market price of the security, or 100% of the lowest market price
during the preceding three years, but not more than 75% of the current
price. The rigidity of this standard is modified by empowering the Federal
lower
Reserve Board to disregard the standard and to prescribe such
accommodation
margin requirements as it considers necessary "for the
empowers the board to
of commerce and industry." The same provision
raise the requirements when action is deemed necessary to prevent excessive
use of credit in speculation.
Members of exchanges, brokers and dealers are permitted under the
when
House subcommittee's redraft to borrow from non-member banks




April 21 1934

the bank files with the Federal Reserve Board an agreement under terms
prescribed by the Board, to comply with the Federal Reserve Act and the
Banking Act of 1933.
As to restrictions of floor trading, the House draft empowers the Federal
Trade Commission to "regulate, limit or prevent" floor trading by members for their own or discretionary accounts. The Senate draft omits the
word "limit."
Acts of directors, officers and principal stockholders of corporations.
whose stocks are listed on the Exchange, would be under such regulations
and rules as the Federal Trade Commission may prescribe. They would
apply to every person who is directly or indirectly the owner of more than
5% of any class of any equity security, provided the security is not in the
exempted class. The Senate bill fixes the percentage of beneficial interest
at 10%.
The bill also would increase the membership of the Federal Trade Commission from five to seven members, the additional membership being
provided to take care of the additional burden the Commission will shoulder
In the event that the House bill is enacted.
The House bill fixed the maximum penalty for individual violation
ofthe law at two years in prison or a fine of$10,000 or both, while Exchanges
violating the law would be subject to a maximum fine of $500,000.

250 New England Corporations Protest Bill for Federal
Regulation of Stock Exchanges.
Approximately 250 corporations, representing a cross
section of New England industry, have filed a formal protest
at Washington against the recently revised Fletcher-Rayburn
bill. Among the companies leading the opposition to the
Act are the United Fruit Co., United Shoe Machinery Co.,
and United Drug Co. At a meeting called by President
Eliot Wadsworth of the Boston Chamber of Commerce,
representatives of some of the largest employers of labor
in New England voted to oppose the proposed National
Securities Exchange Act, and their ranks have increased
notably since the meeting. The protest, which declares that
"the operation of the proposed National Securities Exchange Act of 1934 would hinder recovery and handicap
present forces making for increased and continuous employment" has been sent to the House and Senate Committees studying the proposed Act and to the Massachusetts
representation in both branches of Congress. Other companies signing the protest include: Alrington Mills, Boston
Insurance Co., Central Aguirre Associates, Employers'
Group Associates, Gillette Safety Razor Co., Jordan Marsh
Co., Ludlow Mfg. Associates, Massachusetts Gas Cos.,
Merrimac Chemical Co., Old Colony Insurance Co., Pepperell Mfg. Co., Plymouth Cordage Co., Revere Sugar Co.,
Saco-Lowell Shops, W. F. Schrafft & Sons Corp., L. S.
Starrett Co., Union Twist Drill Co., U. S. Smelting, Refining & Mining Co., Warren Brothers Co., Whitin Machine
Works.
Rubber and Hide Futures Markets on Commodity
Exchange, Inc., to Open Earlier Beginning May 7.
The board of governors of Commodity Exchange, Inc.,
New York City, adopted an amendment to the general
trading rules, to become effective May 7 1934, changing
the opening of the rubber market to 10 a. m. instead of
10.10 a. in., as at present, and the hide futures market to
10.10 a. m. from 10.30 a. m., it was announced by the
Exchange April 13.
78,000 Shares of Capital Stock of Corn Exchange Bank
Trust Co.,New York,Offered to Public—Announced
as Oversubscribed.
Public offering of 78,000 shares of capital stock of the Corn
Exchange Bank Trust Co., New York, priced at $54 per
share (not carrying the dividend payable May 1 1934) to
yield 5.55% at the present dividend rate of $3 per annum,
payable quarterly, was made on April 16 by Lehman Brothers
and associates. On the same day (April 16) Lehman
Brothers announced that "selling group subscription books
on their offering of 78,000 shares of Corn Exchange Bank
Trust Co. capital stock have been closed, the issue having
been oversubscribed." Reference was made in our issue of
April 14, page 2520 to an announcement by Walter E.
Frew, Chairman of the Corn Exchange, that public offering
of stock of the bank would be made on April 16 by the
Lehman syndicate. The ls.tter's announcement April 16 of
the offering said:
This offering does not constitute new financing on the part of the Corn
Exchange Bank Trust Co. We and our associates have contracted to
purchase 70.000 shares (together with an option exercisable at $50 per
share on an additional 77,010 shares) at $50 per share (carrying the dividend
payable May 11934).
In addition to this offering of 78,000 shares for public subscription,
22,000 shares have been withdrawn from sales by certain of our associates.

Noting the purchase by Lehman Brothers of 150,000
shares of stock of the Corn Exchange, representing 20%
of the bank's capitalization, which was held by affiliates of
the Chase National Bank, the New York "Times" of April

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Financial Chronicle

14 had the following to say in part regarding the offering
proposed by Lehman Brothers.
The offering represents a transaction in the bank-merging days of 1929.
The stock was acquired by the Chase interests over a period of some months
beginning late in 1929. It has been held by the Chase Corp. and the American Express Co., affiliates of the Chase National Bank, which must be
liquidated or divorced from their parent by June 16, under the Banking
Act of 1933.
At the offices of Lehman Brothers it was said yesterday that the offering
price would be below the over-the-counter quotation for Corn Exchnage
stock, which then was about $58.75 a share bid. The stock closed at $57
bid, offered at $59, off 50 cents a share from Thursday's final quotation.
The transaction is expected to result in widespread distribution of the shares
which, in a block, are enough to constitute working control of the Corn
Exchange.
Size of Holding a Surprise.
Although the Chase organization had been known to hold a large amount
of Corn Exchange stock, the size of its holdings, as revealed yesterday,
was a surprise. Extreme interest had attached to the acquisition of the
shares, which became a matter of widespread rumor early in 1930, because
of the events of the fall of 1929 when a merger which had been Planned
between the Corn Exchange and the National City Bank fell through. . . .
Support for this opinion was given by Winthrop W. Aldrich, Chairman
of the Chase National Bank, at the annual meeting of that institution on
Jan.9 last,when,in response to a stockholder's question, he said he could not
tell exactly why the Corn Exchange stock had been purchased but believed
that it had been in connection with a contemplated merger.
a Mr. Aldrich at that time disclosed that the Chase Corp. held 77.010
shares of Corn Exchange, which were carried on its books at $41.50 a share.
The holdings of the American Express Co. were not revealed, but on the
basis of the total disclosed yesterday to have been sold by the Chase affiliates to Lehman Brothers they must have been almost as large as were
those of the Chase Corp.
$50 a Share Reported Paid.
The price paid by tile Chase interests for Corn Exchange shares is a
matter of conjecture, but the stock was selling above $350 a share at the
time that the purchases are believed to have begun. It was reported
yesterday that the shares had been sold for about $50.

Incident to the offering an announcement bearing on the
Corn Exchange said:

pi

The bank, one of the oldest in New York City, was established in 1853
and operates 73 branches located throughout the city. Cash dilvdends
have been paid on its stock since Feb. 1 1854, without intermission. From
1930 to 1932 inclusive, dividends were paid at the annual rate of $4 per
share. The rate was reduced to $3 in April 1933.
- In the statement as of March 311934, net deposits on the Clearing House
basis were reported at $200,519,000 compared with 1190,540.000 at Dec.
31 1933. Average net deposits for 1933 represented 3% of the total net
deposits of all New York Clearing House banks. A feature of the bank's
record has been the comparative stability of deposits during the last four
years. Its surplus and undivided profits were reported at $16,083,736 as
of April 1934. The capital of the bank is $15,000,000, represented by
750,000 shares of capital stock of a par value of $20, and a capital note.
payable on or before July 31 1934, of $3,000,000.

Opposition by Secretary Morgenthau to McLeod Bill
Calling for Reimbursement of Depositors in Closed
Banks—Memorandum Presented to Sen. Fletcher
Asserts Bill Would Establish Principle of Guarantee of Deposits, Past, Present, and Future.
In a memorandum presented on April 16 to Senator
Fletcher, Chairman of the Senate Banking and Currency
Committee, Secretary of the Treasury Morgenthau detailed
his objections to the McLeod bill which calls for the reimbursement of depositors in closed National and State member banks of the Federal Reserve System, through the purchase and liquidation of their assets by the Reconstruction
Finance Corporation. In the last analysis, says Secretary
Morgenthau, "this bill would establish the principle of guarantee by the United States of bank deposits, past, present
and future." According to Secretary Morgenthau, also, the
bill "establishes a precedent that may be extended to any
business activity over which the Government exercises any
supervision." It is likewise pointed out by Mr. Morgenthau
that "the bill attempts to suspend the statute of limitations,
apparently to enable the Reconstruction Finance Corporation to obey the mandate given that it allow debtors 10 years
to pay and yet avoids the barring of such debts by State
statute of limitations of shorter duration." He adds that
there may be some question as to whether Congress can
suspend the operation of such a State statute. While we
are referring further in another item to Secretary Morgenthau's opposition to the bill, we give here his memorandum
submitted to Senator Fletcher, as contained in a Washington dispatch to the New York "Times":
Reference is made to S. 2949, being a bill "to promote resumption of
Industrial activity, increase employment and restore confidence by fulfill.
scant of the implied guaranty by the United States Government of deposit
safety in National banks."
This bill directs the Reconstruction Finance Corporation to purchase
and liquidate the remaining assets of closed National banks and State
member banks of the Federal Reserve System, paying the receivers or
conservators thereof sufficient funds to satisfy the remaining deposit liabilities of such banks in full.
while the initial disbursement involved in this proposal can only be
approximated and the ultimate cost vaguely surmised, the following
figures and comments are suggested.:
As of March 12 1934 there were 1,468 National banks in receivership,
with an unpaid deposit liability (which is exclusive of other liabilities,
such as for money borrowed, &c.) of $920,000,000. There were 284




2665

National banks in conservatorship with similar unpaid deposit liabilities
of $210,000,000.
As to State member banks, 250 were in receivership and 47 in conservatorship, together having a total similar unpaid deposit liability of approximately $685,000,000.
The initial disbursement thus required by the Reconstruction Finance
Corporation would be approximately $1,815,000,000.
Ultimate Coat to Taxpayers.
As to the ultimate cost of this project, after crediting probable realization by the Reconstruction Finance Corporation from the assets acquired,
an estimate was reached by analyzing a representative group of 100 closed
National banks of all sizes in all sections of the United States, as of
Dec. 31 1933. It was found there was an average deficiency in assets as
against deposit liabilities only, of 44%.
Total deposit liabilities of closed National banks and State member banks,
as of their suspension, were approximately $3,104,500,000. Applying to
this figure the 44% average deficiency in assets, there is ascertained an
approximate actual deficiency or ultimate cost to the United States
Treasury and to the taxpayers of $1,366,000,000.
This loss will be substantially increased by the interest to be paid on
the money borrowed to finance this plan, and by the expense incurred over
the 10-year period in liquidating the assets of the banks.
If, as is likely in this instance, it is found that adoption of the bill can
be had only by amending it to include State non-member banks, the
ultimate loss will be increased to an extent far beyond present computation.
Responsibility for Precedent.
The title of the bill states that its proposals are in fulfillment of the
implied guaranty by the Government of ,deposit safety in National and
State member banks. This is considered a most hazardous responsibility
to admit or accept. It establishes a precedent that may be extended to
any business activity over which the Government exercises any supervision.
Thus the holders of the bonds of Joint Stock Land banks and of Federal
Land banks and of the debentures of Federal Intermediate Credit banks
would be in a position to contend that the Government's supervision over
these agencies, being similar to that which it exercises over National banks,
entitles such holders to recover from the Government any loss which they
may ever have sustained as a result of dealing in these securities.
Indeed, a similar argument might be advanced with respect to other
business activities supervised to any extent by the Government, suah as
the sale of alcoholic liquor, railroad, radio, and possibly even to include
individual losses on securities registered under the Securities Act and in
the stock market in the event that the Government assumed supervision
thereof.
It is not clear whether the billis limited to banks closed at date of its
enactment or whether it embraces banks that suspended any time in the
future. If the latter are included, the obligation being assumed is immeasurable, and it would seem the functions of the Federal Deposit Insurance Corporation as insurer of deposits will be entirely superseded.
As to Deposits Already Waived.
If the plan is not to extend to future suspensions, it is difficult to see
how a distinction between depositors of a bank closing before the bill's
enactment and depositors of one closing a week thereafter can be supported legally or in principle.
Like comment may be made on the fact that no relief is given to the
depositors of hundreds of closed banks who in the past year waived part
of their deposits in order to restore the banks to solvency under Section 207
of the Bank Conservation Act or to the non-consenting minority of depositors in such banks who lost part of their deposits involuntarily due to the
operation of Section 207.
Would Penalize Depositors Who Waived Part of Deposits.
Those who voluntarily waived part of their deposits are penalized for
their patriotic effort to reopen the banks during this emergency, whereas if
they had acted otherwise the respective banks would be in receivership and
under this bill those depositors would be paid in full.
Depositors of closed banks, liquidation of which has been completed and
receivers discharged, are likewise excluded. There have been 287 such
receiverships of National banks closed the past three years with substantial
loss to depositors.
If this legislation is based on an implied governmental guaranty of
safety as set forth in its title, then it would seem such implied guaranty
has been equally given to all the excluded classes of depositors and to
creditors other than depositors as well.
If these excluded classes must be included. to sustain the constitutionality
of the legislation, the cost to the taxpayers will, of course, greatly exceed
estimates herein submitted.
Rights of Other Creditors.
Provision is made that all remaining assets of the banks, including
assessment liability of shareholders, shall pass to the Reconstruction Finance
Corporation. This is an effort to accomplish what is deemed a legal
impossibility as against creditors other than depositors.
The Supreme Court of the United States has held several times that
the rights of all creditors attach to the bank's assets at suspension, and
that the assessment liability of shareholders is an asset belonging to the
creditors (Scott v. Deweese, 181 U. S. 202, &c.). Provision is made under
the National Bank Act, United States Code, Title 12, Section 65, for the
direct enforcement of shareholders' liability by the creditors without intervention of a receiver.
Hundreds of millionehf dollars are owed by closed banks to open banks
that hold deficiency notes of such banks or have loaned money to them.
Closed banks are indebted in large amounts to beneficiaries of trust estates
administered by their trust departments. They are largely indebted on
outstanding drafts and checks.
None of these obligations are depositor obligations and none would be
provided for by this bill.
Consequently, such creditors would appear to have a prior claim against
the assets of the banks and the assessment liability of their shareholders,
which prior claims cannot be destroyed by this legislation, even though it
attempts to do so and which would substantially reduce the figures above
given as to the estimated probable recovery by the Reconstruction Finance
Corporation and correspondingly increase the figures as to the ultimate cost
or loss involved under this plan.
Consideration of Shareholders.
If the transaction is considered as a sale of assets, then the Reconstruction
Finance Corporation does not become a creditor of the bank; hence is not
entitled to assert assessment liability against its shareholders, inasmuch
as such liability is for the benefit of creditors only.

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Financial Chronicle

If the Reconstruction Finance Corporation is to be considered as becoming a creditor of the bank by virtue of the transaction, it becomes such
after the bank's suspension, as to banks in the hands of receivers, and the
courts held that shareholders are not subject to assessment for debts
arising subsequent to suspension.
If, on the other hand, the purpose of the bill is to create what is, in
effect, a purchase from the shareholders of their rights, in exchange for
payment to them of the amount of their deposit, a different problem arises.
It may be true that under this theory the Reconstruction Finance Corporation would, on the principle of subrogation, be entitled to proceed
against the shareholders for any deficiency to the same extent that the
depositors had that right.
On this theory, however, the Reconstruction Finance Corporation would
obtain only such rights in the assets as the depositors had. Future developments in realization on assets of some of the banks involved, especially
of banks in conservatorship, may be such that in ordinary course of
liquidation there will be a surplus for distribution to shareholders.
On the theory of subrogation, these rights would have to be considered,
but the present bill entirely overlooks any property rights of such shareholders and purports to invest absolute title in the Reconstruction Finance
Corporation to all future recovery on the assets taken over.
Suspending Limitations Statute.
The bill attempts to suspend the statute of limitations, apparently to
enable the Reconstruction Finance Corporation to obey the mandate given
that it allow debtors 10 years to pay and yet avoid the barring of such
debts by State statute of limitations of shorter duration.
There may be some question as to whether Congress can suspend the
operation of a State statute of limitations now operating in favor of an
existing debtor, unless the dehtor consents under the circumstances here
involved.
There are pending or in prospect numerous suits against bank directors
based on their civil liability to the bank's depositors and other creditors.
No adequate provision is made for carrying on such litigation or giving
the Reconstruction Finance Corporation any benefit of recovery therefrom.
Furthermore, since the depositors are to be paid in full, the bulk of
such directors' liability as now exists may thereby be extinguished, because
such liability is based on loss to the creditors; hence, may be substantially
eliminated to the extent that depositor creditors are relieved from loss
through payment by the Reconstruction Finance Corporation.
It is doubtful whether the Reconstruction Finance Corporation will be
subrogated to the rights of the bank or its receiver against the sureties on
fidelity bonds, particularly in view of the provisions of many of the
surety contracts involved. Numerous suits and claims of this character
involving large sums are pending.
No Provision for Pending Suits.
There are pending many suits and claims of depositors involving determination of the amount of the bank's deposit obligation to them or whether
or not there is in fact a deposit obligation or an obligation of a different
character. No provision of the bill adequately cares for this situation.
Suits and claims of depositors and debtors involving offset and consequent determination of net deposit liability are pending. The bill does not
provide for the determining of such matters.
Suits involving collection of stock assessments already levied are pending and no provision of the bill provides for the disposition of the same.
Inasmuch as the Reconstruction Finance Corporation cannot enjoy the
benefit of these assessments to the exclusion of non-depositor creditors and
in fact may not be entitled to participate therein at all, and since once a
receiver is in charge, he alone can collect such assessment, it follows that
the Reconstruction Finance Corporation could not proceed on its own
behalf to collect such assessment.
If the receivers are to remain in charge of banks to collect such assessments, then, since the Reconstruction Finance Corporation will have taken
possession of all the assets, there will be no means of carrying the expense
of such receivership and litigation pertaining thereto except by anticipation
against hoped-for collections which may not materialize.
As to Recovery Objective.
No doubt one of the objects of the bill is to stimulate recovery by pro
meting industrial activity and employment. This will not necessarily
follow because an analysis of the distribution that will be made to the
depositors of a large closed city bank shows that 46% would be received
by half of 1% of the depositors, while in a small county bank 44% would
go to 7.3% of the depositors.
In other words, nearly half of the money to be distributed would be
received by about 4% of the depositors, and this group may in large part
place comparatively little thereof in circulation by purchase of commodities or in industrial activity productive of employment.
Since the program must be financed ultimately through taxation,
there
is a serious question whether taxation may be resorted to for the
benefit
of such an arbitrarily selected class, particularly where half of the
proceeds
will be enjoyed by a comparatively small group in the class intended
to be
benefited.
In the last analysis, this bill would establish the principle of
by the United States of bank deposits, past, present and future.guarantee

April 21 1934

President Raises Two Points.
In a discussion of the background of the problem raised by the McLeod
bill, President Roosevelt emphasized two points.
First, the impossibility of administering such a law equitably; and.
second, official refutation of the belief that the Government holds a moral
obligation to reimburse depositors in banks that have failed.
The President illustrated his first point by recounting a talk he had
yesterday with A. Mitchel Palmer, Attorney-General in the Wilson Cabinet.
who, with Representative McLeod of Michigan, also attended the conference
on the latter's bill.
Mr. Roosevelt cited a possible case of two banks in the same town which
failed on the same day. One of the banks was in fair shape and the receiver
liquidated it and paid depositors 60 cents on the dollar, and the case was
closed. The assets of the bank no longer exist.
The other bank, being in greater difficulties, might still be in the hands
of a receiver and tnus be eligible. the President said, to come under the
proposed law, which would mean that depositors in the latter bank would
be paid in full.
Another difficulty arising in such legislation cited by the President
was the difficulty in fixing a date for bank failures from which depositors
would be paid: He pointed out that such legislation might easily be extended
back to cover the bank failures in 1893.
While stating this definite opposition to the pending bill, Mr. Roosevelt
said that for six months the Federal Government has been trying to take
care of thousands of banks, both State and National, which are in need
of assistance.
Money has been lent to these banks in large quantities, he said, and an
open market has been provided for their securities, but he emphasized that
that is as far as the Federal Government can go.
Michigan Representatives discussed the McLeod bill to-day with Speaker
Rainey, Representative Byrns and Chairman Steagall of the House Banking
and Currency Committee. None of them was sanguine about the bill
being reported out of the Rules Committee and agreed that if the bill did
come up it would have to be In decidedly modified form.

In another item we refer to the memorandum presented
by Secretary of the Treasury Morgenthau to Senator Fletcher
of the Senate Banking and Currency Committee detailing
objections to the proposed legislation. In a letter to Senator
Fletcher accompanying the memorandum Secretary Morgenthau said:
Receipt is acknowledged of your clerk's letter of March 8 1934, transmitting a copy of the bill S. 2949, "to permit resumption of industrial
activity, increase employment, and restore confidence by fulfillment of
the implied guarantee by the United States Government of deposit safety
In national banks," and requesting a report thereon.
The bill proposes to free deposits frozen in closed banks by directing the
Reconstruction Finance Corporation to purchase all the remaining assets
of closed national banks and State member banks of the Federal Reserve
System. The proceeds are then to be made immediately available to the
depositors, while the RFC is to liquidate the assets over a period of years.
There is the gravest doubt whether recovery could be materially assisted
by the plan proposed. Since a very high percentage of the total amounts
ofdeposits now frozen stands to the credit of a small percentage of depositors,
the expenditure involved could scarcely be justified as a means of affording
widespread relief. The administrative and legal difficulties which would
ensue could only minimize the gains which the measure is designed to
achieve.
Furthermore, the adoption of the principle, Implicit in the bill, that
the Government should guarantee the efficiency of those functions and
activities of its citizens because it may have, to a greater or less extent,
supervised or controlled them, would be unfortunate.
Finally, the addition of this burden upon the taxpayers which, exclusive
of interest, may be estimated at from $1,250,000,000 to $2,500,000,000,
would, in the opinion of this Department, outweigh any benefits that the
legislation could achieve.
A memorandum, discussing the measure in greater detail, is enclosed
for your convenient reference.

In stating that Secretary Morgenthau's letter had specific
reference to the bill of Senator Elmer Thomas (Democrat) of
Oklahoma, Associated Press advices from Washington,
April 15, stated that Mr. Morgenthau's views became known
within a few days after the McLeod bill had been sidetracked by House leaders. At the time nearly 145 names
had been obtained on a petition to force it to a vote.
In Washington advices to the "Wall Street Journal" of
April 16, it was stated that Chairman Jesse R.Jones'believes
that the RFC has gone about as far as it can in making loans
to closed banks, so far as outstanding advances are concerned. In part the account also said:
However, he believes that the Federal Deposit Insurance Corporation
could step In and make additional loans.
Opinions to this effect were expressed in the Chairman's press conferences
In a discussion of the McLeod bill to liquidate frozen deposits inclosed
banks.
It is obviously objectionable, in Mr. Jones's opinion, to buy assets of
closed banks according to a universal or common yardstick. This is inadvisable, he holds, because of the varying percentages of real worth among
assets of such institutions. Some closed banks, he pointed out, have assets
worth 90 cents on the dollar, while others are worth only about 10 cents.
0 the whole, the RFC Chairman feels the closed bank deposit liquidswork has made a creditable showing.
ti

Opposition to McLeod Bill by President Roosevelt—
Secretary Morgenthau and Jesse H. Jones Among
Those Declaring Against Payment Through RFC
of Depositors of Closed Banks. .
On April 18 President Roosevelt was reported as having
indicated his opposition to the McLeod bill, which would
provide for payment through the Reconstruction Finance
Corporation of depositors in closed National and State
member banks of the Federal Reserve System. At the sam 'Dyer 55,000,000 Accounts Insured by Federal Deposit
Insurance Corporation According to Leo T. Crowley
tune (we quote from a Washington dispatch, April 18, to
—In Address Before Executive Council of American
New York "Times") Mr. Roosevelt stated at a press nBankers Association Urges Extension of Temporary
ference that the books of all closed banks are bein reFund for Another Year.
examined to determine whether the Government, through
The extension for another year of the temporary insurance
the Comptroller of the Currency and the RFC has adopted fund, administered by the Federal Deposit Insurance Cora really liberal policy. The account went on to say:
poration, was urged by Leo F. Crowley, Chairman of the
It was recalled that Jesse Jones, Chairman of the RFC. told
Board of Directors of the Corporation, in an address at
newspaper
men yesterday after a conversation witn the President on
the McLeod
Hot Springs, Ark., on April 18 before the Executive Council
bill, that RFC advances to banks are based in many cases not only
on
present values of securities but on prospective values in the light of
of
the American Bankers Association. According to Mr.
recovery
efforts. He said 3750,000,000 had been advanced by the RFC.
Crowley on March 31 there were 13,870 banks which were




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Financial Chronicle

members of the Temporary Insurance Fund. "This means,"
he said, "that 91% of all licensed banks in the country
which are eligible for membership, had made application
and were admitted to the Fund. It is true," he went on to
say,"that National banks and State Federal Reserve member
banks were required to join the Temporary Insurance Fund
but this group of banks represents less than 45% by number
of all the banks which have joined. In other words then
55%, or more than half of the members of the Temporary
Insurance Fund on March 31, were members because of
their own voluntary application."
Giving further details of the operations of the Fund
Mr. Crowley said:
Total deposits in banks which are members of the Temporary Insurance
Fund, exclusive of mutual savings banks, amounted to in excess of 31.7
billion dollars on Dec. 30 1933. Total deposit liability for all licensed banks
Iin the *United States, exclusive of mutual savings banks. amoyed to in
excess of 32.4 billion dollars, according to recent estimates. It would
appear that 98% of the total deposits in all licensed banks oper ing in the
Uniteg Statesare in banks which are members of the Temporary Insurance
Fund. Banks which are members of the Temporary Fund, considered
from the.polnt of view of the number of institutions, as well as the deposit
liability of those institutions, represent an overwhelming majority of all
the licensed banks in the United States.
At the present time the Federal Deposit Insurance Corporation has
insured 55.6 millions of accounts. Put another way,the number of accounts
which are insured through the operation of the Temporary Fund are almost
as great in number as half the population of this country.
Finally, the aggregate amount of the accounts which are insured represents 37A % of the total deposit liability of all the licensed banks at present
operating in the United States.
These are staggering figures. I do not wish to burden you further with
such dry statistics. but I cannot help from pointing out a few of these vital
facts involved with the insurance of deposits. Let me bring two more
studies to your attention.
On May 13 1933 the Comptroller of the Currency requested an analysis
of the accounts in all National and State Federal Reserve member banks.
The results of this request were tabulated and published in the Federal
Reserve Bulletin for last July. Among 5,500 banks it appeared that
$2,500 would fully cover over 96% of the accounts. If the 5.500 banks
chosen were representative of all the banks in the country,and they were
not, it would lead one to believe that at the present time, through the
operation of the Temporary Fund of the FDIC, over 96% by number of
all the accounts in the country are fully insured but, the 5,500 banks chosen
were not representative, since they were all National and State meaaber
banks. We know from the statistics which we have gathered that on the
whole the average State member bank is larger than the average National
bank, and likewise the average National bank is larger than the average
State non-member bank. We know too that the average account as a result
is larger in State member and National banks than it is in State non-member
banks. We are lead to the conclusion then that the study made last May
is a conservative estimate of the actual situation. It is probably true that
the number of accounts which are at present fully covered by insurance is
greater than we would have occasion to believe as a result of the study
made last May.

(

The Temporary Insurance Fund, said Mr. Crowley, has
been in operation since Jan. 1 1934, and there are now
13,870 banks which are members of this fund. He noted
that on Feb. 28 1934 the Senate passed an act extending
for one year the operation of the Temporary Insurance
Fund; continuing he said:
It is now before the House Banking and Currency Committee, and we
are expecting it to be reported out any day. It is important for the House
to make into law the bill as passed by the Senate. There are many reasons
a few of which are as follows:
In the first place approximately two-thirds of all the deposits in mutual
savings banks are in banks which are members of the Temporary Insurance
Fund. Such mutuals are members provisionally, however, and may
remain so only as long as the Temporary Fund is in operation owing to the
fact that before they may become members of the Permanent Fund it will
be necessary for the various States which have chartered these mutuals to
adopt certain enabling provisions in order that the mutuals may subscrib
to stock in the FDIC. Since there are over 8,000.000 accounts insured
mutual savings banks you may readily recognize the importance of prot
ing, through insurance, this large number of accounts.
Another reason for the extension of the Temporary Fund develops from
the fact that it would be impossible to examine all the National and Federal
Reserve member banks between now and July 1 1934. According to the
Permanent Act as it is now written, it will be necessary for the Comptroller
of the Currency and the Federal Reserve banks to certify as to the solvency
of all Federal Reserve member and National banks. Furthermore, it will
be necessary to issue new certificates for all non-member State banks.
Such certificates obviously must be based upon current examinations. In
view of the fact that it is impossible to make such re-examinations of all
banks within the short period between now and July I, it is impractical
to force into operation the permanent portion of the legislation.
Then again, there are technical details in connection with the liquidation
of the Temporary Fund which unnecessarily complicate the situation, and
the short time between now and July 1 hardly allows for adequate handling
of this operation.
But more important than all of these reasons is the fact that we wish to
study the situation further so that we may make recommeddations for such
changes in the permanent legislation as seem advisable before the inauguration of the Permanent Fund. From the experience which we have had
we are already aware of certain necessary changes which will have to be
made in order to assure the success of the FDIC.
It must be realized that at the time the permanent legislation was written
there was no experience upon which to base the,establishment of the Corporation. In creating such a vast enterprise as the FDIC it is humanly
Impossible to anticipate all of the practical details which may be embraced.
On the whole the framers of the legislation did an unusually good job. It
was inconceivable that they should have an understanding of some of the
details which developed in the practical operation of the insurance idea.
I have mentioned the fact that we have already become aware of certain
changes, which, if made, will make the Corporation more successful. Let
me alaborate upon what I believe some of these alterations to be.
In the first place it will probably be unnecessary to protect the large
depositors to the extent implied in the legislation as it now exists. After




2667

all, the depositor with from 310,000.to $50,000 dollars and over in his
account is an individual who is well able to care for himself. Deposit insurance is designed for the small depositors. The small depositor must be
assured the absolute protection of his deposit. The hardships which the
recent untoward economic conditions have developed have been felt most
acutely by that large group of people whose right it is to have absolute
protection or those hard earned dollars which are placed to their credit
for the so-called "rainy day." It is only just that the Governmentshould
guarantee this minimum protection. Those who question the constructive
aspects of a program whereby a minimum amount of hard-earned savings
of half tne population of the country is absolutely insured fall to comprehend
the most fundamental aspects of American society. The insurance of
such savings which is is the right of every man to enjoy is essentially a
government function. Just as the Constitution offers every man the protection of law and order,so should the Government insure the protection of
the deposits of the masses.
As the law concerning both the Temporary and the Permanent Funds
now exists the FDIC is sorely lacking in the power ofsupervision ofthe banks
which are insured. At the present time the FDIC is obliged to insure all
banks provided they can show sufficient assets to meet deposit liability.
In other words, the law describes solvency only and says nothing about
capital, management or any of the other important factors determining the
degree of risk involved. The Corporation, then, is obliged to insure all
solvent banks and at the same time is given no power of supervision which
it may exercise over such banks in order to minimize the risk factor. Let
me elaborate on this further.
At the present time the FDIC is given the power of examination only
with no power to correct dangerous existing situations. Practically, the
Corporation's agents have met with little opposition in endeavoring to overcome such conditions which greatly weaken a particular bank's situation.
The Corporation has enjoyed the wholehearted co-operation not only of
bank directors but of State supervising authorities as well. However, in
order for the Corporation's Insurance Fund to be well managed and in order
for the remaining banks which are members of the Fund to enjoy that degree
of security which they expect to gain through membership in the Fund.
it will be necessary for the Corporation to be given greater supervisory power
over the banks which constitute its risks.
At the present time the FDIC has no way of controlling the chartering
of new banks. Such new banks once chartered may easily become members
of the Insurance Fund whether or not they are sound economic units and
whether or not they will be able to continue operations over a considerable
period,of time. This obviously is a faulty condition.
And again, the FDIC is obliged to insure a solvent reorganized bank
without having any voice as to the soundness of the reorganization. New
branches may be admitted to the Fund without even being examined by
the FDIC. Spreading the risk in such fashion is a mistake and works
hardship to the remaining members of the Insurance Fund. In the interest of protecting the Corporation's future stockholders such matters as
these should be changed.
As the law now reads, the Corporation upon assuming control of an insolvent bank is obliged to organize a new National bank. Such new National
bank is to be operated by the Corporation until such time as sufficient capital
can be raised locally to sell the institution to such interests. Such a scheme
embraces two fallacies. In the first place, a provision should be made in the
law allowing the FDIC the right to sell the asets in an insolvent institution
to another neighboring institution in order that the credit of the Corporation
may be released. In the second place, where the insolvent institution is
not warranted it should be wholly eliminated from the picture. There is
no purpose in perpetuating those institutions which experience has shown
are not warranted from the point of view of service to the community.
Recent experiences have shown the banking system of the United States
to be greatly at fault. Banks operate throughout the country under 49
different supervising authorities. The supervision which the depositor
assumes the various State and National governments to exercise over the
banks has been sadly lacking in effectiveness. We have heard much in the
past few days about the moral obligation of the government to depositors
in banks which have failed because of the fact that the various governments
assume supervisory power over the banking institutions of the country.
If it is true that the government is to exercise such supervisory power, it is
likewise true that the people are entitled to full protection for at least a
minimum amount of their deposits. In my estimation, the government
has a moral ob)lgation to depositors in the banks throughout the country.
and for th
eason the establishment of the FDIC is a constructive tep
toward
realization of this moral obligation.
•

llin A. Wilbur Elected Managing Director o Investment Bankers Code Committee—Fair JPractice
3.
Amendments to Code Become Effective
Rollin A. Wilbur was elected Managing Director of the
Investment Bankers Code Committee at a meeting of the
Committee in New York on April 12, it was announced on
April 16 by B. Howell Griswold Jr., Chairman of the Committee. The offices of the Committee are to be established
immediately in Washington, and Mr. Wilbur is to make his
headquarters there. At the same time it was announced that
Mr. Wilbur has resigned as Vice-President of Atlas Corp.,
to which post he was elected on Nov. 1 1932.
The code of fair competition for investment bankers was
approved by President Roosevelt on Nov. 27 1933, and the
full text of the code was given in our issue of Dec. 9, page
4130. Fair practice amendments to code of fair competition
were approved by the President on March 23 1934, and the
amendments will become effective on April 23.
President Roosevelt's Executive Order of March 23 approving the amendments authorized the Administrator to
modify or amend further the code as and when such modifications or amendments become necessary in order to meet
unforeseen contingencies, or to afford "prompt relief for any
hardship which may have been inadvertently imposed" by
the provisions.
In a letter transmitting to the President the supplemental
code, General Hugh S. Johnson, National Recovery Administrator, described it as "a remarkable document." The
amendments, it is stated, went to the President with the

2668

Financial Chronicle

approval not only of the Administrator but of a substantial
majority of the bankers who assented to the basic code.
In a recent meeting 888 of them, in person or in proxy,
formally approved and only 117 registered objections. Practically all of the objections were said to have been aimed
at specific provisions which have been since modified.
"Prescribing and proscribing investment banking activities in all fundamental essentials," the principal purposes
of the provisions were summarized by the Administrator as
follows:
To eradicate past and existing abuses and to establish principles and
practices which will justify public confidence, greatly assist in restoring
the markets for both public and private investment funds and result in an
increased flow of investment capital into sound, productive enterprises,
which will unquestionably increase employment and distribute added wealth
among the people.

"The importance of developing a capital market in connection with the recovery program cannot be overemphasized," the Administrator added. "The extent to which the
amendments are designed in the interest of the investors of
this country is peculiarly significant," said the Administrator's letter, which pointed out that in addition to 11 sections stating general principles, other important features
include:
1. Five sections to govern the issuance of new securities. In the future
those issuing securities will be required to provide adequate detailed
information to investors as long as a security is outstanding. This is a
far-reaching provision. It marks a very long step in the right direction
and furnishes a new safeguard to protect investors.
2. Seventeen sections regulate the underwriting and distribution of new
issues. Provisions are included which will tend to establish one price for
all investors irrespective of the size of the transaction or the importance
of the purchaser. Adequate time is provided for the proper study and
analysis of the facts regarding new issues by all investment bankers participating in the distribution of each issue.
3. Eight sections are directed to retail sales and purchases dealing with
disclosure of the adequate and the pertinent facts required to be made
available to investors.
4. Four sections pertain primarily to salesmen, and stipulate the minimum
qualifications for those employed in that capacity and the requirement for
responsible supervision of their activities.
5. One important section relates to investment companies and places
certain restrictions on investment bankers having relations or transactions
with such companies.
6. Thirteen sections provide a unique opportunity for investment bankers,
through registration, to agree with one another upon the expeditious enforcement of effective self-discipline in the investment banking business.

Investment Bankers.Code Committee consists of the following:
Francis A. Bonner, Bonner, Troxell & Co., Ctiicago.
Arthur H. Bosworth, Bosworth, Chanute, Loughridge & Co., Denver.
George W. Bovenizer, Kuhn, Loeb & Co., New York.
Robert E. Christie Jr., Dillon, Read & Co., Inc., New York.
Sydney P. Clark, E. W. Clark & Co., Philadelphia.
Edward J. Costigan, Whitaker & Co., St. Louis.
Harry S. Grande, Grande, Stolle & Co., Seattle.
B. Howell. Griswold Jr., Alex. Brown & Sons, Baltimore.
Edward H. Hilliard, J. J. B. Hilliard & Son, Louisville.
W. Hubert Kennedy, Wells-Dickey Co., Minneapolis.
Lamartine V. Lamar, Lamar, Kingston & Labouisse, New Orleans.
Lawrence H. Marks, Lawrence H. Marks, New York.
Frank McNair, The N. W. Harris Co., Chicago.
Robert H. Moulton, R. H. Moulton & Co., Los Angeles.
Daniel W. Myers, Hayden, Miller & Co., Cleveland.
Joseph R. Swan, Guaranty Co. of New York, New York.
Henry B. Tompkins, Robinson-Humphrey Co., Atlanta.
Frank Weeden, Weeden & Co., San Francisco.
Sidney J. Weinberg, Goldman, Sachs & Co., New York.
George Whitney, J. P. Morgan & Co., New York.
Orrin G. Wood, Estabrook & Co., Boston.

Mr. Wilbur, who has been named Managing Director of
the Code Committee, was President of the Investment Bankers Association of America in 1929. Prior to his becoming
affiliated with the Atlas Corp., Mr. Wilbur was associated
for over 15 years with former Ambassador Myron T. Herrick, his son, Parmely, and James Parmelee of Cleveland
in various financial and other related activities. Mr. Wilbur
was born in 1872 at Wellington, Ohio; graduated from the
Western Reserve University Law School in 1900, after
Wrhich he attended the Harvard Law School for two years,
and practiced law in Cleveland and Salt Lake City prior
to his engaging in financial activities in 1915. In 1931 Mr.
Wilbur was appointed Deputy Superintendent of Banks of
Ohio in charge of the Toledo banking situation, and assisted
In the rehabilitation program of the closed banks in Toledo.
Robert E. Christie Jr., President of the International
Bankers Association of America, in a statement made before
the National Recovery Administration in Washington, on
March 15, at the hearing on the fair practice provisions,
stated that "the code proposes to supplement the Securities
Act, but in no sense to supplant it." In part, Mr. Christie
also said:
In any program for reform in security transactions, the careful elaboration of safeguards relating to factual disclosures is an Indispensable detail
in a larger category that includes abuses of salesmanship, abuses of confidence, and abuses of competition. The safeguards must be of a kind to




April 21 1934

raise all investment practices to the level of the highest traditions in our
business. It is important to bear in mind that there have been created
and distributed great quantities of sound securities, measured by any
standard that intelligent critics might set up. We cannot do better than
to equal the best that has been done in the past.
Importance of Continuous Information.
In the proposed code we have realized that facts must be current to be of
value. Thus we would try to assure the continuous disclosures of indispensable data, such as many corporations have supplied in the past. We
would not attempt to require the disclosure of all data that might be of
some interest, for we think in that direction lies endless confusion.
Issuing corporations, which are of course primarily responsible for the
needed data, are not subject to the investment bankers code. To reach
them we would require all investment bankers, as a condition to issuing
curVr...ate securities, to obtain a contractual promise from the issuers that
they will supply the stipulated facts as long as their securities remain
outstanding: In this, we believe that the code makes a distinct advance
upon anything hitherto attempted in the effort to protect the investor.
Reforms in Salesmanship.
Certainly not less important in security dealing than the disclosure of
facts is the correction of abuses in salesmanship. Under the stress of
unregulated competition and under the pervasive influence of selling methods successful in other fields of American business, securities dealers in
this country have allowed selling practices to grow up which have no
proper place in the machinery of a capital market. Securities should not
be "pushed" on investors. Our ultimate goal should be to bring nearer
the day when it will be the custom for the investor to take the initiative
in establishing a close relationship with reliable firms for the purpose of
buying securities in accordance with his individual needs. The purchase
of securities should not result from the mere selling ability of a salesman, but from a meeting of the minds of the investor and his investment
banker, in which the investor assumes a due sense of his own responsibility.
The eradication of selling evils in the securities business is no easy task.
The spirit of high pressure selling runs through most forms of American
business and has naturally tended to permeate the investment mechanism.
The technique of retail salesmen is not alone in question. Originating houses
have too frequently appraised a new piece of business by the criterion of
whether it could be sold rather than whether it should be sold.
Restrictions on House-to-House Calls.
A large number of firms now employ men as security salesmen upon a
salary basis only. There is, however, a very large number of security
salesmen employed throughout the United States upon a commission basis.
To require, as has been suggested, that all of them should be paid fixed
salaries would mean that thousands of men would be immediately thrown
out of work. The wise and conservative approach to this problem is to
Impose conditions of employment which will exact of security salesmen a
knowledge of the business in which they are engaged. We have also
embodied in the code a very important feature which will tend to greatly
restrict high pressure salesmanship, in forbidding the attempted sales
of securities by house-to-house canvass, unless the investor has definitely
indicated his willingness to be approached in this manner.
No less important than selling practices and no lees difficult is the
problem of conflicts of interests in the investment banking business, and
the abuses to which they may give rise. We feel that every party to a
security transaction is entitled to know the position or interest of every
other party. Such a disclosure, if it does not eliminate abuses, guards
against them, and is indispensable for the enduring growth of mutual
confidence.
This is not the time to explain all the details of our code. That will
be done by others. I have merely attempted to indicate something of our
purposes, indeed, of our ideals, as embodied in it. It is far from a perfunctory document. It upsets many of the practices of the past. It
disturbs the even tenor of many who want things continued in the old
way. It frankly and positively calls for a new sense of responsibility to
the public on the part of everyone engaged in the investment business.
Provisions for Administration.
We wish now to draw particular attention to the provisions in the
proposed code for its administration and enforcement. If approved by the
Administrator, the fair trade practice provisions become an integral part of
the code of fair competition for investment bankers, and as such carry
with them the enforcement sanctions of the National Industrial Recovery
Act. But it has seemed to us that it is incumbent upon securities merchants
to devise a procedure for enforcing the spirit of the code to be adopted
which will be far more expeditious, elastic and effective than is provided
by the courts. Such a procedure we have undertaken to provide. In substance, it proposes that security merchants may register with the Investment Bankers Code Committee, and by so doing enter into a contractual
engagement with all other registered investment bankers to accept the
jurisdiction of the Investment Bankers Code Committee in enforcing the
code. This proposal has far-reaching implications. It is expected that this
contractual relationship will supply the groundwork on which to build,
for the first time, effective self-discipline in the investment banking
business.
It is hoped that the rules as prepared will mark the birth of a new
epoch in American investment banking, in which the best traditions of
the business will govern. Undoubtedly experience will suggest
innumerable
amendments, and with the passage of years the document now before us
will seem but an imperfect beginning. We are convinced,
however, that
the principles underlying the present document are sound.

$8,000,000 Suit Against New York Clearing House
Banks Given Preference on Court Calendar—Need
of Depositors of Closed Harriman National Bank
& Trust Co. Called Urgent—Proposed Senate
Inquiry.
The $8,000,000 suit brought by James B. T. O'Connor,
Comptroller of the Currency; Frederick B. Goess, receiver of
the Harriman Bank & Trust Co., and Henry E. Cooper,
against the member banks of the New York Clearing House
Association and their officers was given preference in an
order signed April 10 by New York Supreme Court Justice
Edward J. McGoldrick. It was placed on the reserve calendar for May 21 ,and will probably be tried before the courts
adjourn in June.

Volume 138

Financial Chronicle

The suit has been brought on behalf of the depositors and
other creditors of the bank on the ground that Mr. Cooper
took the Presidency of the Harriman bank in July 1932 after
the Clearing House banks promised they would not permit
the institution to fail. Justice McGoldrick acted after a
plea for a preference had been made in an affidavit by Mr.
Goess submitted by Alfred A. Cook and Clarence J. Shearn,
counsel for the plaintiffs.
The New York "Times" of April 11 added the following
information regarding the status of the case:
Mr. Gam said the action also was directed against the Clearing House
Association officers on the ground that they warranted to the Comptroller
of the Currency and to Mr. Cooper "that they had authority to speak for
and bind the defendant banks, and if, as asserted by some of the banks,
they lack authority, they breached their warrant of authority to the consequent damage of the depositors."
When the bank closed there were 11,000 deposit accounts totaling $24,670,000. A loan from the Reconstruction Finance Corporation enabled the
bank to pay a 50% dividend last July.
Mr. Goess said that "without recovery in this action no further amount
can be paid out for a very considerable time and the final dividend:, if any,
would be very small." He said there were 4,200 thrift accounts.
"I have received numerous communications from depositors revealing
their dire circumstances," he continued, "and accordingly asking for
immediate action. Because of the principles involved, as well as the unfortunate circumstances of the case, so many dependent upon this cause of
action necessarily affects a very large part of the community."

Incidentally it was noted in a Washington dispatch,
April 5, to the New York "Herald Tribune" that an investigation of the dispute between the depositors of the closed Harriman National Bank of New York and the New York Clearing
House Association by the Senate Banking Committee was
promised that day by Ferdinand Pecora, Committee Counsel,
as Samuel Untermyer, lawyer and stock market reform advocate, protested against provisions of the pending FletcherRayburn Exchange Regulation bill. The dispatch added:
The depositors of the Harriman bank have pending a suit against the
Clearing House, based on an alleged guaranty by the Clearing House to
support the bank. It is charged the Clearing House violated this agreement
and refused to give financial aid when needed, with the result the bank
failed.
Cited as Monopoly.
Mr. Pecora's announcement was made when Mr. Untermyer criticized a
provision of the pending bill requiring brokers to borrow only from members
of the Federal Reserve System. This would tend toward a dangerous credit
control monopoly, he said, and cited the New York Clearing House as an
example of such monopoly.
"What are you going to do with an organization like that?" Mr. Untermyer asked, after recalling the Harriman case.
"We are going to hear some evidence on that," Mr. Pecora replied.
Isidor

J. Kresel Disbarred Because of Conviction in
Bank of United States Case.

Isidor J. Kresel, who was convicted Nov. 27 1933 of misapplication of funds of the Bank of United States, of which
he was a director and counsel, was disbarred April 13 by
the Appellate Division of the New York Supreme Court.
This action was compulsory under a law requiring disbarment when a lawyer is convicted of a felony. The New
York "Times" of April 14 noted the court's opinion as
follows:
The opinion, written by the entire court, recited that Mr. Kresel was
admitted to the bar on July 17 1900, and that on Nov. 27 last he was
convivcted of "a violation of Section 305 of the Penal Law, which is a
felony, and sentenced to imprisonment in the State prison." The court
then cited Section 477 of the Judiciary Law, which requires disbarment on a
felony conviction.
Mr. Kresel was convicted in the Criminal Brands of the Supreme Court
for abetting in the misapplication of funds of the Bank of United, States,
of which he was chief counsel. In the event that his appeal, which is to be
heard by the Appellate Division in the fall, results in a reversal of the
conviction, Mr. Kresel will be entitled to ask for reinstatement. The
Appellate Division took such action in the case of Herbert Singer, son of
Saul Singer, bank executive now in Sing Sing. Mr. Singer, who was in
Mr. Kresel's office, was cleared of the charges against him by the Court
of Appeals.
Mr. Kresel settled recently the $60,000,000 suit brought against him and
other directors of the Bank of United States by the Banking Superintendent,
and also the assessment action on his stock. At that time it was said that
the fortune he had acquired as one of the leading lawyers in the city had
gone, and that his future as an attorney depended upon a reversal of his
conviction.

Bill Creating Nine Branch Banking Districts in New
York State Passed by Assembly at Albany.
By a vote of 92 to 59, and it is stated, over the protest of
up-State members,the New York State Assembly on April 18
passed the bill, sponsored by Assemblyman Stephens
(Republican) creating nine branch bank districts in the
State. In effect, said an Albany dispatch April 18, to the
Re'w York "Herald Tribune" the bill extends the present
system under which a bank may be permitted to establish
branches within the city in which its main establishment is
located. From the same dispatch we quote:
It permits a bank, with the approval of the Banking Superintendent and
two-thirds of the State Banking Board, to establish a branch or branches
anywhere within the district in which its main establishment is located.




2669

While New York City, under the bill would not be wholly within one district,
a New York bank would be permitted, as now, to establish branches anywhere within the city, with the approval of the Superintendent and twothirds of the Banking Board.
Two Metropolitan Districts.
District No. 1 would be composed of Kings, Queens, Nassau and Suffolk,
and District No. 2 would be comprised of New York, Bronx, Richmond,
Westchester and Rockland.
Assemblyman James R. Robinson, Republican, of Tompkins, attempted
to block action on the bill, contending it had been killed in Committee
on April 11,and therefore wasimproperly on the House calendar. Assemblyman William Breitenbach, Democrat, of Brooklyn. said it was an amendment offered by Assemblyman Irving M. Ives, Republican, of Chenango,
and not the bill itself that was killed.
Mr. Ives led the fight against passage of the bill on the ground that
it was "weak" and that the grouping of counties to make up the nine districts was unsatisfactory.
Assemblyman Jacob H. Livingston, Democrat, of Brooklyn, said that
enactment of the bill was necessary to meet the problem of up-State banks,
which he saidivould otherwise be forced to close.
Assemblyman Laurens M. Hamilton, Republican, of Rockland,a nephew
of J.P. Morgan,opposed the bill on the ground that the grouping ofcounties
"could not be justified."
The most bitter opponent of the bill was Assemblyman W.Allan Newell.
Republican, of St. Lawrence, who said: "This is Just another brain-child of
the bankers of Wall Street, who are reaching out their tentacies for more
of our rural money. They want to put our money in the great banks of
New York City."
Assemblyman D.Mallory Stephens, Republican,ofPutnam,Chairman of
the Committee on Banks, and sponsor of the bill, said that it was approved
by Joseph A. Broderick, State Superintendent of Banks, and the Federal
Comptroller of the Currency. Mr. Stephens displayed a photostatic copy
of a letter from the Comptroller of the Currency pledging compliance with
the bill in his supervision of National banks.
Assemblyman Abbot Low Moffat opposed the bill because of "the extraordinary manner" in which it had been placed on the calendar, but said he
believed that the principle was sound.

According to Albany advices, April 18, to the New York
"Times" the branch offices must be approved by the State
Superintendent of •Banks and by a two-thirds vote of the
State Banking Board. The "Times" account likewise stated
that the bill also provides that a trust company in a city of
over 50,000 population may open one or more branch
office's, whether or not the city is located entirely within one
banking district.
Opposition to the proposed legislation voiced by George V.
McLaughlin, was noted in our issue of April 14, page 2502.

President Roosevelt Approves Proposed Legislation for
Federal Reserve Aid to Industry.
Approval by President Roosevelt of the proposed legislation authorizing the Federal Reserve banks to make
direct loans to industry was indicated in Associated Press
advices from Washington last night (April 20) which also
said:
Senator Glass (Dem.). Virginia, and Governor Black of the Federal
Reserve Board went over their bill with the President and upon leaving
the White House said they had the go-ahead signal to push it through
Congress.
Industrial advisory committees are to be established in each of the
Federal Reserve Districts to advise on the loans, which would be limited
to five years.
The bill stipulates.
In exceptional circumstances, when it appears to the satisfaction of
the Federal Reserve Bank that an established industrial or commercial
business located in its District is unable to obtain requisite financial assistance on a reasonable basis from the usual sources, the Federal Reserve
Bank may make loans to or purchase obligations of such business, or may
make commitments with respect thereto, on a reasonable and sound basis.
for the purpose of providing it with working capital, but no obligation
shall be acquired or commitment made hereunder with a maturity exceeding five years.

A compromise of what was described as "a three-way
'Collision of plans" for direct Federal loans to industry
emerged on April 17, according to Associated Press accounts
from Washington that day, which reported:
The tangle occurred when Eugene Black, Governor of the Federal
Reserve Board; Jesse Jones, Chairman of the Reconstruction Finance
Corporation, and Senator Glass (Dem.). Virginia, all offered the Senate
Banking Committee differing proposals to the same end.
Messrs. Glass and Black, however, sought to-day the Chief Executive's
approval for a bill agreed upon between themselves for five-year loans
through the Federal Reserve System.
Both were confident of the President's indorsement.
The Reserve System would have a capital of about $300,000,000 for
making the loans, half of which would be provided by the Treasury and
the other half by the Reserve banks.
In effect, the Reserve System would be authorized to discount fiveyear paper presented by banks or other financial institutions, with the
latter taking 20% of the risk.
Loans direct to industrial enterprises could be made by the Reserve
banks, however, under extraordinary circumstances where other credit
was not available.

References to the several proposals appeared in our
issues of March 31, page 2184, and April 7, page 2349.
Charter Granted to First Federal Savings and Loan
Association of New York. by Federal Home Loan
Bank Board.
John H.Fahey, Chairman of the Federal Home Loan Bank
Board,announced on April 15 that by resolution of the Board
a charter has been granted to the First Federal Savings and
Loan Association of New York. The present offices of the

2670

Association are in the Grand Central Terminal Building,
New York City; eventually the Association will be housed
in the Rockefeller Center. Its affairs will be directed by
Gardner W. Taylor, President; J. Spencer Smith, VicePresident, and A. G. Lampke, Secretary and Counsel.
The directors include: E. R. Plunkett, H. H. Tinkham and
Phillip W. Kniskern. Mr. Taylor is President of the
Gardner, Taylor Lumber Co., and a director of the Bronxvine Trust Co., and the Bronxville Savings and Loan Association. Advices from Washington April 15 to the New York
"Journal of Commerce" stated that Mr. Smith is a director
of the Tenafly Trust Co., and since 1911 has served as President of the New Jersey Harbor Commission. Mr. Kniskern
is President of the American Institute of Real Estate Appraisers and advisor to the board of the }Tome Owners
Loan Corporation in Washington. Mr. Plunkett is President of the Northeastern division of the lumber code authority. In his announcement Mr. Fahey said:
The organization of this first Federal association in the Nation's financial
capital is of special significance, in view of the purpose of such Federal
institutions to attract private savings into home loans by providing a safe
meansofinvestment for people oflarge or small means and a practical method
of financing home ownership.
The First Federal Savings and Loan Association of New York will operate
within a radius of 50 miles of New York City and under the regulations will
confine its loans to first mortgages on homes. Loans are mainly restricted
to not more than $20,000 on any single property and to an amount not exceeding 75% of conservatively appraised valuation. Loans are payable
by monthly installments over a period of not less than five nor more than
20 years. under the amortization repayment plan which has been
emphasized by the Federal Government as an essential step in placing
American home financing on a permanently sound basis for borrower and
lender. Shares are of $100 par value and may be purchased outright or by
instalments as low as 50 cents monthly,offering a direct incentive to systematic, regular saving even to people of limited income.

Mr. Fahey also said that "over 200 Federal savings and
loan associations had previously been established in some 35
States and in many metropolitan centers, including Chicago,
Philadelhpia, Cleveland, Detroit, St. Louis and Milwaukee."
Rates on Bankers'Acceptances Go to New Low Figure—
Multiples of One-Sixteenth of 1% Used For First
Time in Open-Market Discounts.
Referring to the action of the American Acceptance
Council in announcing on April 19 a reduction of its official
schedule of open-market discount rates on bankers' bills
carrying rates to the lowest level ever posted by the Council
and employing multiples of one-sixteenth of 1% for the
first time in the history of the American bill market, the
New York "Times" of April 20 added:
The new rates are. 4% bid, 3-16 asked, for bills having a maturity of
asked,
bid,
bid, 4, asked, for four months' bills;
90 days or less;
% on the bid
for five and six months' bills. The reductions amount to
rate, 1-16% on the asking rate for short-term bills; 34 on bid and asked rates
for four months' bills and 34 on both rates on longer bills. The change Is
the first official one since March 8.
The new schedule does not restore uniformity to the bill market, but
it recognizes the rates at which most business in prime bills is being done
by dealers. The dealers are, however, asking somewhat higher rates for
bills carrying names in less demand and quoting somewhat better rates
for bills carrying names in greatest demand.
Quotations Only to Applicants.
Since April 6, bill dealers disregarding the official uniform rates of the
Acceptance Council have been quoting prices only upon application by
customers.

Decrease of $64,972,932 In Volume of Outstanding
Bankers' Acceptances During Month—Total March
31, $685,154,155 Compared With $750,127,087 on
February 28—Rates Quoted Only on Application.
In presenting on April 19 the monthly figures of outstanding bankers' acceptances, Robert H. Bean, Executive
Secretary of the American Acceptance Council, states that
"reflecting the extraordinary conditions governing money and
credit, which have also resulted in the lowest quotations on
record, the volume of bankers acceptances declined $64,972,932, during the month of March, leaving a total on
March 31 of $685,154,155." "This," says Mr. Bean, "is
by many millions, the largest single month change in bill
volume in recent years and while a part of the loss may be
attributed to normal credit reduction at this time of the
year, an important part is directly due to the overburdening
surplus of funds in the banks control."
Mr. Bean continues:
Notwithstanding a reduction of approximately $65.000,000, the grand
total is still $14,036,664 above that reported for March 311933.
It has been noted for some weeks that large commercial banks, ordinarily
heavy acceptors, have been making use of their cash in over the counter
loans instead of putting such credit needs on an acceptance basis. This.
of course, is a natural thing for the banks to do and as long as this period
of excessive money ease continues, the volume of acceptances will suffer.
In the recent survey of the American Acceptance Council as of March 31,
the volume of bankers' acceptances to finance imports was the only type
that for
of bill to show an increase, the amount being $4,641,339 above
the previous month end. Acceptances created for the purpose of financing
exports went off $16,896,933. Acceptances based on goods, stored in or




April 21 1934

Financial Chronicle

shipped between foreign countries, dropped $16,240,849. Domestic shipment acceptances went off $1,894,275 and dollar exchange acceptances
declined $1,058,852. The most important reduction and the one most
directly traceable to the emergency shifting of acceptance credits to over
the counter loans was in the classification of bills created for the purpose
of financing commodities in domestic warehouses, this volume going off
$33,523,362, bringing the total of this type of business down to $214,867,917.
which despite the heavy current reduction is still $41,000,000 above the
figures for the corresponding date in 1933.
The volume of bills purchased and held by accepting banks and accepted,
but not yet put Into the market, continues to be a very large part of the total
volume. On March 31, these banks were holding of their own bills $251.743.973 and of other banks' bills purchased $324,449,201, a total of $576,193,174, or 84% of the total volume of created bills.
This very heavy absorption of bills by the accepting banks and their
• disinclination to dispose of them at this time, has been partly responsible
for the very unusual situation in the discount market, with respect to rates.
For the first time in many years, since the earliest steps were taken to
create a discount market, the dealers have within the last few days quoted
rates only upon application, although for the time being the official rate
has been held until to-day at the last previous open quotation of 4-4%
for the maturities up to 90 days.

Detailed statistics furnished by Mr. Bean follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
March 31 1934. Feb. 28 1934. March 31 1933.

Federal Reserve Dtstrid.

1
a
a

$43,155,108
544,473,744
15.793,020
2,231,155
840,859
8,272,898
36.774,398
2,283,295
2,986,819
1.300,000
1.790,931
25,452,332

4
5
6
7
8
9
10
11
12

344,347,090
802,882,588
15,232.482
2,293,366
758.899
8,485,824
40,938.605
2.229,828
3.287,422
1,250,000
2,553.458
25,839.529

941,350,518
553,133.815
10,372,191
3.174,940
154,801
4,082.749
33 440,853
1,188,494
2,205.804
1,100,000
1.358.978
19,574,950

$750,127,087
8671.117.491
3885,154,155
Grand total
Decrease for month,804,972,932 Increase for year, $14,038,884
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
March 31 1934. Feb. 281934. March31 1933.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
hixtars.an fnmicen onnntrian

3102,520.218
185,887,895
10,873,327
214,867,917
3,136.815

897,878,877
202,784,628
12,567.802
248,391,279
4,195,687

$73,137,951
175,275,870
9,913,482
173.992,293
8,357,578

158058.185

154 2011 024

920 4411 810

CURRENT MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES
Apr. 18 1934,
Days—
30
60
90

Dealers'
Dealers'
Buying Rate. Selling Rate.
X
34
34

X
X
X

Days—
120
150
180

Dealers'
Dealers'
Buying Rate. Selling Ran.
35
X
34'

34
X
ii

Treasury Department Provides for Retirement of
$300,000,000 43i Fourth Liberty Bonds Through
Sinking Fund.
Referring to an announcement from Washington on
April 18 that the Treasury had purchased on Monday for
the sinking fund $300,000,000 of Fourth Liberty 43.s as
"puzzling to Wall Street," the New York "Times" of
April 19 in its comments on financial matters, went on to
say:
It was at first suggested that these bonds might have been the holdings
of Federal Reserve Banks in the called issues, but inquiry disclosed that
such was not the case. The Reserve Banks, it is understood, converted
whatever called bonds they held before the books were closed on the conversion offer, having previously disposed of part of their holdings to the
market. The Treasury obviously did not buy so large an amount of bonds
in the open market on Monday. Possibly the explanation is that $300.000,000 was set aside on Monday for redemption of unconverted bonds:
but reports of the announcement which appeared yesterday did not indicate
that redemption was involved but instead used the word "purchase,"
which has a slightly different connotation in financial circles.

Second Call for Redemption of Fourth Liberty Loan
4% Bonds of 1933-38—Bonds to Be Presented
After Sept. 15 and in Advance of Redemption
Date on Oct. 15.
A second call for partial redemption before maturity, on
Oct. 15 1934, of Fourth Liberty Loan 4%eyo bonds of 1933-38,
as indicated in our issue of April 14, page 2503, was made
on April 13 by the Treasury Department. The call involves
about $1,200,000,000 of the bonds, of which about $4,300,000,000 are outstanding. The bonds affected by the call
are those bearing serial numbers the final digit of which is
8, or 2 (such serial numbers in the case of permanent coupon
bonds being prefixed by the corresponding distinguishing
letter H, or B, respectively.) The Treasury announces that
the called bonds may be presented for redemption after
Sept. 15, and it is urged that such presentation be will in
advance of Oct. 15 so as to insure prompt payment of principal when due.
Announcement of the initial or first call for partial redemption of the Fourth Liberty Loan 414% bonds of 1933-38,
before maturity, was made on Oct. 11 1933 by the Treasury,
and provided for the redemption on April 15 1934 of bonds

Volume

1.2R

of that issue bearing serial numbers ending with the digit
9, 0, or 1, and in the case of permanent coupon bonds also
preceded by the letter J, K, or A, respectively. The Treasury, at the time of the issuance of the first call, announced
an offering of Treasury bonds of 1943-45, for which the called
Liberty bonds were permitted to be exchanged. The Treasury bonds were dated Oct. 15 1933, bearing interest from
that date at the rate of 414% per annum to Oct. 15 1934,
and 314% thereafter. About $1,875,000,000 of the Fourth
Liberty bonds were involved in the first call, of which
there were then outstanding about $6,268,000,000. Approximately $872,000,000 were tendered in exchange for the
Treasury bonds, leaving more than $1,000,000,000 of the
called bonds due for payment on April 15 1934. Provision
to retire practically all of these $1,000,000,000 of bonds was
made in the April 15 financing of the Treasury, the latter
offering 314% bonds of 1944-46 in exchange for whiCh the
Fourth Liberty bonds, called for April 15, could be tendered,
in addition to 3% Treasury notes maturing May 2. Final
exchange figures have not, as yet, been announced by the
Treasury Department, but an estimate by the Treasury (as
stated in our columns of April 14, page 2503) showed that
$965,000,000 of the Fourth 414s and the maturing 3% notes
had been tendered in exchange for the Treasury bonds up
to 5:30 p. m. April 12.
In issuing the second call, on April 13, Henry Morgenthau
Jr., Secretary of the Treasury, gave out the following
statement:
The Treasury to-day issued a call for two series of Fourth Liberty Loan
4148 for redemption on Oct. 15 1934. There are outstanding about
$4,800,000,000 of uncalled Fourth Liberty Loan bonds. The present call
will include about $1,200,000,000.
Copy of the call follows:
FOURTH LIBERTY LOAN 414%, BONDS OF 1933-38.
Notice of Second Call for Partial Redemption Before Maturity.
To Holders of Fourth Liberty Loan 414% Bonds of 1933-38 and Others
Concerned:
Public notice is hereby given:
1. All outstanding Fourth Liberty Loan 414% bonds of 1933-88 (hereinafter referred to as Fourth 414s) bearing serial numbers the final digit
of which is 8, or 2 (such serial numbers in the case of permanent coupon
bonds being prefixed by the corresponding distinguishing letter H, or B,
respectively), are hereby called for redemption on Oct. 15 1934, on which
date interest on such bonds celled for redemption will cease.
2. This second call for partial redemption is made pursuant to the
Provision for redemption contained in the bonds and in Treasury Department Circular No. 121, dated Sept. 28 1918, under which the bonds were
originally issued, the bonds to be redeemed having been determined by lot
In the manner prescribed by the Secretary of the Treasury.
3. Outstanding Fourth 4%s bearing serial numbers (and prefix letters)
other then those designated are not included in or affected by this second
call for partial redemption.
Holders of Fourth 4%s now called for redemption on Oct. 15 1934 may,
In advance of that date, be offered the privilege of exchanging their called
bonds for other interest-bearing obligations of the United States, in which
event public notice will hereafter be given.
Full information regarding the presentation and surrender of Fourth 4140
under this call is given in Department Circular No. 509, dated April 13 1934.
HENRY MORGENTHAU JR., Secretary of the Treasury.
Treasury Department, Washington, April 13 1934.
Fourth 4148 bearing serial numbers ending in 9, 0, or 1, have heretofore
been called for redemption on April 16 1934, on which date interest on
such bonds will cease.

Tenders Aggregating $315,323,000 Received to Two
Issues of Treasury Bills Offered to Total of $125,000,000 or Thereabouts—Bids of $75,047,000 Accepted for 91-Day Bills at Average Rate of 0.08%,
and $50,033,000 for 182-Day Bills at Rate of 0.19%.
Tenders received at the Federal Reserve banks and the
branches thereof, up to 2 p. m., Eastern Standard time,
April 16 to the offering of $125,000,000 or thereabouts of
91-day and 182-day Treasury bills, dated April 18 1934,
amounted to $315,323,000, Henry Morgenthau, Jr., Secretary of the Treasury, announced April 16. The Secretary
said that $125,080,000 of the bids were accepted;$75,047,000
for the 91-day bills, which were offered to the amount of
$75,000,000 or thereabouts, and $50,033,000 for the 182-day
bills, offered to the amount of $50,000,000 or thereabouts.
Tenders of $164,508,000 were received to the 91-day bills
while the 182-day series brought bids of $150,815,000.
The 91-day bills, according to Secretary Morgenthau, sold
at an average rate of about 0.08% per annum, on a bank
discount basis, and the 182-day bills at a rate of about 0.19%
per annum. A previous offering of 91-day, 182-day bills
(dated April 11) sold at rates of 0.07% and 0.18% per
annum, respectively; the 0.07% rate is the lowest at which
Treasury bills ever sold.
Announcement of the offering of the bills dated April 18
was made on April 12 by Secretary Morgenthau; reference to
the same was made in our issue of April 14, page 2503. The




2671

Financial Chronicle

91-day bills mature on July 18 and the 182-day bills Oct. 17
1934, and the face amount of each series will be payable
without interest on their respective maturity dates. On
April 16 Secretary Morgenthau announced in detail, as
follows, the results of the offering:
For the 91-day Treasury bills, maturing July 18 1934. for $75,000,000.
or thereabouts, applications totaled $164,508,000, of which $75,047,000 was
accepted. The accepted bids ranged in price from 99.987. equivalent to a
rate of about 0.05% per annum to 99.977, equivalent to a rate of about
0.09% per annum,on a bank discount basis. The average price of Treasury
bills of this series to be issued is 99.980 and the average rate is about 0.08%
per annum on a bank discount basis.
For the 182-day Treasury bills, maturing Oct. 17 1934. for $50,000.000.
or thereabouts,applications totaled $150,815,000,of which $50,033,000 was
accepted. Except for two bids totaling $55,000, the accepted bids ranged
in price from 99.914, equivalent to a rate of about 0.17% per annum, to
99.900, equivalent to a rate of about 0.20% per annum,on a bank discount
basis. Only part of the amount bid for at the latter price was accepted.
The average price of Treasury bills of this series to be issued is 99.906, and
the average rate is about 0.19% per annum on a bank discount basis.

New Offering of 91-Day and 182-Day Treasury Bills to
Total Amount of $125,000,000 or Thereabouts—
ana
Will Be Offered in Amounts of $75,000,000—
$50,000,000, Respectively—Both Series to Be Dated
April '15, 1934.
Announcement of a new offering of $125,000,000 or thereabouts of Treasury bills in two series, maturing respectively
in 91 days and 182 days, was made on April 19 by Henry
Morgenthau, Jr., Secretary of the Treasury. Both series
will be dated April 25 1934. The 91-day bills, which mature
July 25, will be offered in amount of $75,000,000 or thereabouts, and the 182-day bills, maturing Oct. 24 1934, in
amount of $50,000,000 or thereabouts. The face amount of
the bills of each series will be payable without interest on
their respective maturity dates.
Tenders to the bills, which will be used to meet an issue of
$125,126,000 of similar securities maturing April 25, will
be received at the Federal Reserve banks, or the branches
thereof, up to 2 p.m. Eastern Standard Time, Monday,
April 23. Bids will not be received at the Treasury Department, Washington. The bills will be sold on a discount
basis to the highest bidders, and the bidders are required to
specify the particular series for which each tender is made.
Secretary Morgenthau's announcement of the offering also
said in part:
I The bills will be issued in bearer form only, and in amounts or denomina-

tions of $1,000. $10,000. $100,000, 3500.000 and $1.000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for. unless the tenders
are accompanied by an express guaranty of payment by an incorporate
bank or trust company.
Immediately after the closing hour for receipt of tenders on April 23
1934, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the acceptable prices for each series will follow as soon as possible thereafter.
probably on the following morning. The Secretary of the Treasury expressly reserves the right to reject any or all tenders or parts of tenders,
and to allot less than the amount applied for, and his action in any such
respect shall be final. Any tender which does not specifically refer to a
Particular series will be subject to rejection. Those submitting tenders will
be advised of the acceptance or rejection thereof. Payment at the price
offered for Treasury bills allotted must be made at the Federal Reserve
banks in cash or other immediately available funds on April 25 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter imposed by the United States or any of its possessions.
111

$1,156,369 of Hoarded Gold Received During Week of
April 11—$119,619 Coin and $1,036,750 Certificates.
According to a statement issued April 16 by the Treasury
Department gold coin and certificates totaling $1,156,368.54
was received by the Federal Reserve banks and the Treasurer's office during the week of April 11. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
April 11, amount to $80,671,130.84. The total receipts
are shown as follows:
Received by Federal Reserve Banks:
Week ended April 11
Received previously
Total to April 1 1
Received by Treasurer's office:
Week ended April 11
Received previously

Cold Coin,
119,618.54
27,061.948.30

Cold Certificates.
1,009,650.00
50,794,120.00

$27,181,566.84

$51,803,770.00

243,294.00

27.100.00
1,415.400.00

$1,442,500.00
$243,294.00
Total to April 11
Note.—Gold bars deposited with the New York Assay Office to the amount of
$200.572.69 previously reported.

2672

Financial Chronicle

Government Securities Amounting to $20,580,000 Purchased by Treasury During Week of April 14.
Purchases of Government securities in the open market
by the Treasury Department during the week of April 14
amounted to $20,580,000, it is shown in a statement issued
April 16 by the Treasury. According to the statement,
$10,290,000 of this amount was purchased for the investment
account of the Federal Deposit Insurance Corporation and
$10,290,000 for other investment'accounts. Since the inception of the Treasury's support to the Government bond
market last November, reference to which was made in our
issue of Nov. 25, page 3679, the weekly purchases have been
as follows:
Nov. 25 1933
$8,748,000 Feb. 13 1934
*22,528,000

Dec. 2 1933
2,545,000 Feb. 17 1934
7,089,000
Dec. 9 1933
7,079,000 Feb. 24 1934
1,861,000
Dec. 16 1933
10,208,100
16,600,000 Mar. 3 1934
Dec. 23 1933
6.900,000
16,510,000 Mar. 10 1934
Dec. 30 1933
7,909.000
11,950,000 Mar. 17 1934
Jan. 6 1934
44,713,000 Mar. 24 1934
37.744,000
Jan. 13 1934
33,868,000 Mar. 31 1934
23,600,000
Jan. 20 1934
17,032,000 Apr. 7 1934
42,369.400
Jan. 27 1934
2,800,000 Apr. 14 1934_
20,580,000
Feb. 5 1934
$7,900,000
•In addition to this amount, $638,400 of bonds held by the Treasury a3 collateral
security for postal savings deposits purchased Feb. 9 by the FDIC.

Silver Purchases by Treasury During Week of April 13,
10,032.51 Fine Ounces-3,680,984.95 Fine Ounces
Received by Mints Since January.
Figures issued April 16 by the Treasury Department show
that silver amounting to 10,032.51 fine ounces was received
by the various United States mints during the week ended
April 13. The silver was purchased by the Treasury in
accordance with the President's proclamation of Dec. 21
1933, which authorized the Department to buy at least
24,000,000 ounces annually. Since the issuance of the proclamation referred to in our issue of Dec. 23, page 4440, the
total receipts by the mints amount to 3,680,984.95 fine
ounces. The weekly receipts are as follows (we omit the
fractional part of the ounce):
Week Ended—
Ounces.
Week Ended—
Jan. 5
1,157 Mar. 9
Jan. 12
547 Mar. 16
Jan. 19
477 Mar.23
Jan. 26
94.921 Mar.30
Feb. 2
117,554 Apr. 6
Feb. 9
375.995 Apr. 13
Feb. 16
232,630
Feb. 23
322.627
Mar. 2
271,800 Total
* Approximate total (official total. 3,680,984.95).

Ounces.
$126,604
832,808
369.844
354,711
569.274
10,032
*3,680.981

List of Companies Filing Registration Statements
With Federal Trade Commission Under Federal
Securities Act.
The Federal Trade Commission announced on April 9
the filing of 10 security issues involving approximately $70,000,000 for registration with the Commission under the
Securities Act. This group, said the announcement, is the
largest in point of value of the securities involved to be
announced by the Commission since the Act became effective. The advices made public by the Commission further
said:
A Boston voting trust certificate issue amounting to $48,100,000 is the
argest single issue filed for registration since the Securities Act became
effective. It was filed by Incorporated Investors, an investment trust.
Three power companies are represented in the registrations, two of
them operating in Canada. They are the Dominion Gas & Electric Co..
a holding company for several subsidiaries in the western provinces, and
Bowater's Canadian Paper Corp., Montreal, a reorganized group having
electric and water power operations in addition to its paper production.
Ttia third utility is Central States Power & Light Corp., Chicago, a
subsidiary of Utilities Power & Light Corp., the holding company of which
Harley L. Clarke, Middle Western utilities operator, is President.
Combined security issues of the three companies handling power amount
to approximately $19,000,000. With $6,000,000 of securities proposed,
the Chicago utility's issue is the largest single industrial proposal in the
group of 10. Other industrial proposals include the Dominion Gas &
Electric Co.'s approximately $2,000.000 issue and a Pennsylvania barrel
manufacturer's issue of more than $1,000,000.
The Commission announces the refiling of a statement which was withdrawn by permission of the Commission Dec. 14 1933, so that R. M.
Hollingshead Corp. (2-478), Camden, N. J., manufacturer of lubricants
and soaps, could present a new statement incorporating accounting data
as of Dec. 31. The issue is for a readjustment plan involving more than
$900,000 debenture bonds, common and preferred stock.
Companies and committees filing securities in this group of 10 have headquarters in New York, Chicago, Philadelphia, Boston, Montreal, De.nver,
and Marcus Hook, Pa.

The list of statements filed for registration announced
April 9 (790-799) follows:
Financial Independence Founders, Inc. (2-790), New York City, an investment trust offering periodic and full paid investment service contracts at
an aggregate price not to exceed $2,000.000. The initial public offering
was made about Feb. 8 1932. Each trust issued under a periodic or fully
paid investment service contract is set up on the books of the trustee
(The Pennsylvania Co. for Insurances on Lives and Granting Annuities,
Philadelphia) in the name of the holder of such contract. These service
contracts are known as Financial Independence Founders, Inc.. trustee
certificates series "D." Among officers of Financial Independence Founders,
Inc.. are Ira C. Jones, New York. President, and Hugh J. Reilley, New
York. Secretary-Treasurer.
Dominion Gas & Electric Co. (2-791). Philadelphia a Delaware corporation, a holding company owning directly or indirectly through a subsidiary




April 21 1934

holding company, not less than 90% of the common capital stock of companies furnishing gas, electricity, and water service in the Canadian Provinces of Alberta, Saskatchewan and British Columbia. Among the subsidiaries are. Canadian Western Natural Gas, Light, Heat & Power Co..
Ltd.; Calgary Gas Co., Ltd.; Northwest Fidelity Trust Co., Ltd.; Edmunton Utilities, Ltd.; Canadian Utilities, Ltd.; Union Power Co., Ltd.;
Nanaimo Electric Light, Power & Heating Co., Ltd.; Duncan Utilities,
Ltd., and Gas Production & Transportation, Ltd.
The company•expects to issue $1,884,500 in collateral trust gold bonds.
% series with common stock purchase warrants attached. No part of
the proceeds will be received by the issuer, as the bonds are already outstanding. In the event of exercise of the rights granted by the warrants
to purchase in the aggregate 28,2673.6 shares common stock of Dominion
Gas which are attached to the $1,884,500 principal amount of collateral
trust gold bonds, the proceeds will be received by Dominion Gas as follows.
Ifsuch rights are exercised on or before Sept. 1 1936—$7.50 a share;
2) If such rights are exercised thereafter and on or before Sept. 1 1938—
$10.00 a share.
The issue has not been underwritten.
Among officers of the Dominion company are. P. M. Chandler, New
York. Chairman of the Board; H. R. Milner, Calgary, Alberta, Can.,
President; A. D. McNab, Secretary, and E. M. Butler, Treasurer, both of
New York City. The company is not a Canadian organization. Its
principal business office is at 1500 Walnut St., Philadelphia. It was
organized June 17 1930.
Bowater's Canadian Paper Corp., Ltd. (2-792), Montreal, a Canadian
corporation organized Jan. 9 1934. contemplating acquisition of the mortgaged assets and probably other assets of Price Brothers & Co., Ltd., of
Quebec, which is said to be in bankruptcy. If the acquisition is made,
the company's name may be changed to include "Price Brothers." Company expects to issue $11,061,600 first mortgage bonds in a reorganization
plan for the old Price Brothers Co.
Bowater's group expects to carry on the production of newsprint paper,
cardboard, paper specialties, pulpwood and other products as well as the
development and transmission of water power and electric energy.
F. C. Dobell of Montreal is temporary President of the Bowater group.
J. 0. Kemp of Montreal, is Secretary-Treasurer. F. C. Dobell, J. 0.
Kemp and Garth Wilkinson, the latter of London. England, are directors.
They will serve until regular officers and directors are chosen.
Affairs of the old company have been in the hands of a bond committee
which acted pursuant to a deposit agreement. The United States representative is Victoria Agencies, Inc.. 18 East 48th St., New York City,
Knabb Barrel Co.,Inc.(2-793). Marcus Hook,Pa., a Delaware corporation
manufacturing and selling cooperage, particularly tight cooperage consisting
of barrels, kegs and other wooden packages for the oil, packing and liquor
industries. Company expects to issue $1,143,200 preferred and common
stock, proceeds to be used for the purchase of raw materials, for working
capital, organization expenses and the purchase from A. Knabb & Co.,
Inc., of its assets at Marcus Hook, Pa., in preferred and common stock of
the Issuer, amounting to $262,950.
The underwriters are Valiance & Co. and S. J. Leonard & Co., both
of New York City. The securities are to be offered by the underwriters
at $3.75 a share of common stock, of which $3.00 is to be paid the issuer
and 75c. to the underwriters for selling services. Among officers are:
Albert H. Knabb, Ridley Park, Pa., President; William H. Heins, St.
Albans, L. I., Treasurer and First Vice-President, and Arden H. Rathkopf,
Lynbrook, N. Y., Secretary.
Central States Power & Light Corp. (2-794), Chicago, a Delaware corporation. a combination public utility holding and operating company furnishing electric light, power, gas and other services in Iowa, Kentucky, Minnesota and Texas. Through subsidiaries it furnishes such services in Oklahoma, Missouri, North Dakota and in New Brunswick and Nova Scotia
In Canada. The company expects to issue $6,000,000 of 5% unsecured
debentures, the proceeds to be issued in exchange for the surrender for
cancellation by Utilities Power & Light Corp of a demand note owned and
held by it and made by the issuer, dated Jan. 29 1932, on which there is a
balance owing of $5,957,120.68. The cash balance of the proceeds, $42,879.32, will be used for working capital and other corporate purposes.
It is contemplated that $1,400,000 in principal amount of the debentures
will subsequently be offered by Utilities Power & Light Corp. through
Central States Utilities Corp.(which in turn controls Central States Power
& Light Corp.) to the holders of 10-year 6% secured gold bonds of Central
States Utilities Corp. in exchange for these gold bonds on the basis of
40% in principal amount of debentures for 100% in principal amount of
the secured gold bonds. Among officers of Central States Power & Light
Corp. are: H. T. Pritchard, President; D. H. Bender, Vice-President &
Treasurer, and W. A. Horner. Secretary, all of Chicago.
Incorporated Investors Voting Trust (2-795), Boston. The issue includes
voting trust certificates filed for registration by Incorporate Investors,
Voting Trust, Boston, representing 2,500.000 shares of capital stock of an
aggregate market value of $48,100,000. Among voting trustees are:
William Tudor Gardiner, Gardiner. Me., Chairman of the Board; William
A. Parker, North Easton, Mass., President; Ivan C. Patterson, Delmont,
Mass., Vice-President; George Putnam. Manchester, Mass., former President. and B. Loring Young, Weston, Mass., a director. The voting
trustees hold a certain amount of voting trust certificates but these represent
less than 25% of the outstanding stock.
Incorporated Investors (2-796). Boston, a Massachusetts corporation, an
investment company holding a diversified list ofcommon stock. It proposes
an issue of 2.500.000 shares of capital stock which will not be offered
directly to the public but will be transferred to the voting trustees listed in
registration statement No. 2-795 above. They, in turn, will offer to the
public voting trust certificates for this capital stock. The issue is valued
at a total market price of $48,100,000.
Winfield P. E. Viering & Others (2-797), Boston, trustees under a voting
trust agreement dated March 21 1934, issuing voting trust certificates for
6.450 shares of common stock of Thirty Federal Street Corp., Boston, in
the amount of $322,500. It is expected the certificates will be offered
upon acquisition of the stock from the Bondholders' l'rotective Committee
of the first mortgage 6% serial gold bonds of the Federal District Trust,
to which it is to be issued by the Thirty Federal Street Corp. on conveyance
to it by the Committee of the property at 30 Federal Street, Boston, when
and if the Committee purchases this property at a foreclosure sale to be
held on a date not yet fixed. Trustees under the voting trust agreement
are Winfield P. E. Viering of Hartford. Conn., who is also President.
Treasurer and a director; and C. 0. Neumeister, Auburn, N. Y., and
William H. Phelps, Winsted, Conn., directors.
Thirty Federal Street Corp. (2-798), Boston, a Massachusetts corporation,
owning and operating real estate at 30 Federal St., Boston, and proposing
to issue 6,450 shares of common stock pursuant to a plan of readjustment
or reorganization, the issue amounting to $322,500. The plan contemplates the possibility that the bondholders' protective committee will bid
in the property at 30 Federal St., Boston, covered by a mortgage securing
the first mortgage 6% serial gold bonds of the Federal District Trust at a
foreclosure sale which has been ordered by court. The committee will

Volume 138

Financial Chronicle

then transfer the property to the Thirty Federal Street Corp., which will
issue all of its capital stock to or upon order of the committee in exchange
therefor. The capital stock will be placed in the voting trust and the
voting trust certificates issued to the participating bondholders, they
having deposited their bonds with the committee in the ratio of one share
for each $100 principal amount of participating bonds held.
Officers of the company are: Winfield P. E. Viering, Hartford, Conn.,
President, Treasurer and director; Albert T. Dewey, Hartford, Conn.,
Vice-President and director, and the following directors: G. Arthur
Heermans, Corning, N. Y.; C. A. Neumeister, Auburn, N.Y.; William H.
Phelps, Winsted, Conn., and Carlos S. Holcomb, Hartford, Conn. The
details of the statement filed for registration by the bondholders' protective
committee may be seen in File No. 666, Release No. 119.
Bruce Consolidated Mining Co. (2-799). Denver, a Colorado corporation
proposing to own, explore and develop mines and mining rights; to treat
and prepare ore and mineral substances for market and to deal in plants
and mining machinery. The company proposes offering 500.000 shares of
common capital stock at an aggregate price not to exceed $165.000. the
proceeds to be used for general corporate purposes. The underwriter.
A. Downs. Denver, doing business under the name of Downs & Co., will
pay out of the gross sales price all incidental expenses and is to pay the
issuer. $108.750. Among officers of the company are. William A. Lamb,
Denver. President: George W. Randall, Denver, Secretary, and A. Downs.
Denver, Treasurer.

On April 12 the Commission stated that 10 security
issues amounting to $5,000,000 filed with it for registration
under the Securities Act. More than $1,000,000 of these
issues is for industrial or commercial purposes, including
those of a liquor manufacturer, a brewery, an amusement
park, a gold mine and a book publisher. Reorganization
issues pertain to the telephone, real estate, and kraft paper
industries. Companies or committees filing these securities
for registration have headquarters in New York City.
Chicago, Baltimore, Hopewell, Va., New Castle, Del.,
Park Ridge, Ill., New Lisbon, Wis., and Manitou, Colo.
Statements filed for registration (800-809) were listed
as follows:
•
David Pinski Books, Inc. (2-800), New York City, a New York corporation
organized Feb. 6 1934, to publish and sell in a unform binding the worksi
of David Pinsk' of 2178 Broadway, New York City, issuing 1,000 shares of
first preferred stock at $10 each.
Friends of Mr. Pinski, in order to preserve his writings, will publish all
of his works, new and old. in uniform edition. To facilitate this purpose
a corporation has been formed. All common stock has been issued to Mr.
Pinski in return for which he has granted the company the right to publish
all his works, he to do all the editorial and proofreading work.
Hummel-Ross Fibre Corp. (2-801), Hopewell. Va., a Virginia corporation
proposing under a plan of readjustment or reorganization to Issue 8400.000
first mortgage serial bonds. This company. organized in 1920, manufactures kraft pulp, paper and board. Among officers are J. P. Hummel,
Richmond, Va., President, and P. M. Tam. Honewell, Secretary'
Treasurer.
2480 Broadway Corp. (2-802), 11 West 42d Street, New York City, calling
for deposits of 81,281.000 outstanding of the original $1.700.000 first mortgage 64% serial gold bonds of Lucania Realty Corp., which was incorporated in 1921 for the sole purpose of building and owning No. 2480
Broadway, New York City. The above issue is the only funded debt now
outstanding as listed. A foreclosure action on the mortgages securing the
bonds to be called for deposit was instituted Feb. 14 1934.
2480 Broadway Corp. (2-803). 11 West 42nd Street. New York City, filing
for registration a $640,500 issue of second mortgage 3% secured gold bonds
In a reorganization and readjustment plan involving the property at 2480
Broadway, New York City, listed in Registration Statement No. 2-802
above. The second mortgage bonds to be issued under the reorganization
will bear interest at 3% and will be due 10 years after issuance. Purpose
of the present issue is to distribute the second mortgage bonds in amounts
equal to 50% of the face amount of the First Mortgage 64% serial gold
bonds of Lucania Realty Corp. to all bondholders. The amount of this
issue, or $640.500. represents 50% of the total amount of the old first
mortgage bonds of Lucania Realty Corp. now outstanding. Officers of
the new corporation proposing to own the premises at 2480 Broadway are
as follows. Sidney Ritt, President; Benjamin Mosher. Vice-President, and
Ralph E. Schneider, Secretary-Treasur r, all of New York City.
Potomac-Maryland Debenture Corp. (2-804), Baltimore, organized to
liquidate the collateral held as security for bonds of the Mortgage Co. of
Maryland, Inc., which have been deposited under a deposit agreement
dated May 11933. The debentures are listed at a value of $1.120.000 par.
Mortgages underlying these bonds were, in a large degree, in default because of unprecedented economic condition and the resulting depression in
real estate values, according to the registration statement. A general
refunding plan Is proposed to permit liquidation in an orderly way without
sacrificing values, according to the statement. Among officers of the
company are: Edward J. Bond, Jr., President; Austin J. Lilly, VicePresident and Secretary; John G. Rouse. Vice-President and Treasurer.
all of Baltimore. The readjustment or reorganization committee consists
of the following: Fred G. Boyce. Jr.. Charles B. Gillet. both of Baltimore;
Charles P. Lineaweaver of Philadelphia; Hugh F. MacColl. Providence,
R. I.; Virgil C. McGorrill, Portland, Me.: Robert G. Merrick. Baltimore:
Charles Morris Smith, III, Providence, R. I.; G. J. Taussig, St. Louis,
and Byron S. Watson, Providence. R. 1.
Mary Ann Gold Mines, Inc. (2-805), Manitou, Colo., a Colorado corporation, organized March 14 1934, to engage In metal mining. and Proposing
to issue 287.500 class A common stock, the proceeds to be used for organization and operating expenses. No underwriters have been appointed
but, should any portion of the Inane later be underwritten, a discount not
in excess of 30% may be allowed the underwriters. Should salesmen be
engaged, a commission of not exceeding 25% may be paid them, according
to the company's statement. Officers of the company are: A. de Marconnav, Moulton, Colo., President; 0. K. Woods, Cripple Creek. VicePresident. and H. J. Holt, Manitou, Colo., Secretary-Treasurer.
Joseph Triner Beverage Corp. (2-806), Chicago, an Illinois corporation.
organized March 15 1934. to manufacture and sell wines, liquors and
pharmaceutical products. The company proposes issuing 60.000 shares of
common capital stock at an aggregate price not to exceed $300.000, proceeds
to be used for purchase of merchandise, payment of bank loans, and payment of accounts payable, to a total extent of 8120,000. Haskell. Scott
& Geyer, underwriters, of Chicago, have an option to purchase all of the
shares registered, receiving no commissions or discounts although the
company has agreed to pay all expenses incident to compliance with its
agreement with the underwriters. Among the officers are: James Trifler,




2673

Oak Park. Ill., President; Kathryn Triner, Chicago, Treasurer. and Ella
Lagorio, Chicago, Secretary.
Christmann Brewing Co. (2-807). New Lisbon, Wis., a Delaware corporation, organized July 10 1933, to manufacture and sell beer. Company
expects to issue 85,497 shares of common stock at an aggregate price not
to exceed $427,485. Refinance Corp., Chicago, underwriter, has received
19,999 shares of stock without cost and an option to purchase 34,998 shares
as assignee of Arthur C. Lueder, Vice-President, at 50 cents a share. Of
the 34,998 shares, 21,000 have been purchased for cash. In addition,
40,000 are under option to Refinance Corp. from M. Lippmann at the
option price of 65 cents a share. No commissions as discounts will be
paid by the issuer. Among officers are: Charles Christmann. President
and Treasurer, and Carl W. ehristmann, Secretary, both of New Lisbon,
Wis.
Middle Western Telephone Co.(2-808). Park Ridge, Ill., calling for deposits
of 8497,000 principal amount of convertible 6% gold debentures and 49.700
shares of class B common stock of no par value of Middle Western Telephone Co. Funded debt of the company now outstanding in addition to
the above issue consists of 8651.500 15-year 6% collateral gold bonds.
The company reports that its income is dependent upon receipts from
operating subsidiaries and that in the last few years the gross revenues of
operating companies have steadily declined with the result that the company
is not now receiving sufficient revenue to provide for the payment of its
fixed interest charges on its present outstanding interest bearing securities.
The company defaulted in the payment of interest due Nov. 1 1933. on the
above debentures. A readjustment plan is contemplated. Officers of the
company are: James G. Kellogg, President; George A. Yanochowski,
Vice-President; Curtis B. Kemp, Secretary, all of Chicago, and James F.
Burns, Pekin, Ill., Treasurer.
Deemer Beach Amusement Associates (2-809), New Castle, Del., a common
law trust registered in New Castle County, Del., organized March 27 1934,
to carry on an amusement park business, and proposing to issue 8385,000
preferred stock, the proceeds to be used for purchase of collateral trust
certificates and organization expenses. Among officers of the enterprise
are: Charles S. Rose, Baltimore, President and General Manager; John A.
Miller, Homewood, Ill., Treasurer; C. D. Se Cheverell, Madison, Wis..
Secretary, and D. Stewart White, Wilmington, Del., Vice-President.

In making public the list of registration statements 810819 on April 15 the Federal Trade Commission announced
that the list embraced reorganization issues amounting to
more than $18,000,000. In the group of 10 registration statements carrying amounts totaling more than $19,000,000, there
are four industrial projects totaling $660,000. The Commission added:
In the reorganization and certificates of deposit group are statements
filed by protective committees for two railroads. In one of these, that
of the Rock Island Arkansas & Louisiana RR., certificates of deposit were
filed for $14,862,000 in first mortgage bonds as previously announced
April 10; the other concerns' certificates of deposit filed for more than
$1,000,000 first moztgage bonds of the Sierra Railway Co. of California.
Companies or protective committees filing these securities are situated
In New York City, Boston, Chicago, San Francisco, Lincoln, Neb., and
Red Rock, Ariz.

Statements filed for registration (810-819) were made
public as follows:
International Depositors Corp. (2-810), Denver, a Colorado corporation
organized Oct. 14 1926, and since 1931 engaged in the investment trust
business. Company expects to sell $250,000 in investment trust units.
There are no underwriters, but commissions to dealers have been estimated
with a view to averaging 5% of the selling price of the unit, in no case
to exceed 12%% of that price. The unit price is listed as $800 or par.
Among officers are: F. M. Zimmers, President; Henry Gleed Jr., VicePresident; A. H. Trome, Secretary-Treasurer, and Irene Zimmers, Assistant
Secretary, all of Denver.
Gold Bell Mining Co., Ltd. (2-811), Red Rock, 'iris., an Arizona corporation organized Sept. 1 1932 to mine and deal in mineral ores, proposing
to issue 125,000 shares of common stock at an aggregate price of $37,500,
the proceeds to be used for equipment and other operating expenses. The
company expects to offer its stock to the public at 25 or 30c. a share par
value. Not less than 16c. a share Is to be received by the company after
paying sales commissions, according to the company's statement. Among
officers are: Anton Kolinowski, Los Angeles, President; Adolph Royeski,
Red Rock, Ariz., Treasurer, and Arthur Lishner, Los Angeles, Secretary.
Moulded Pulp Corp. (2.812), New York City, a Delaware corporation
manufacturing and dealing.in wood pulp paper and products, proposes to
Issue $300,000 par value 6% cumulative preferred stock, the proceeds to
be used to pay indebtedness and provide working capital. The underwriter,
United Bond & Mortgage Co., New York, plans to sell the stock to the
public at $100 a share. Discount of $2 a share is expected to be paid
by the issuer on stock sold. Officers are: Paul Plunkett, President;
William A. Fleming, Secretary, and Roger F. McGrath, Treasurer, all of
New York City.
Great Divide Mining Corp. (2-813), New York City, a Montana corporation proposing to mine gold, lead and silver in Lewis & Clark County,
Montana, proposing to issue $125,000 common stock. Company expects
to sell 50,000 shares at $1 a share, the next 25,000 shares at $1.25 a share,
and the remaining 25,000 shares at $1.75 a share. Among officers are:
Herbert Smith, President; Montgomery Waddell, Treasurer, and Francis P.
Pace, Secretary, all of New York City.
Regent Co. (2-814), Boston, a Massachusetts corporation operating and
owning an apartment house in Brookline, Mass., and proposing to issue
common stock without par value in pursuance of a readjustment or reorganization plan, the issue not to exceed $250,000. Among officers of the
reorganized company are Walter J. Sugden, President, and Robert H. Davison, Treasurer, both of Boston. Stock is to be issued to voting trustees
and a voting trust certificate representing one share of stock will be issued
In exchange for each $100 face principal amount of bonds of The Regent,
Inc. The plan of reorganization was approved by the Bondholders Protective
Committee which called for certificates of deposit of the company's first
mortgage bonds as announced in Registration Statement No. 2-707.
Dayton Keith and Others (2-815), Boston, voting trustees proposing to
Issue voting trust certificates representing 4,750 shares of the common
stock without par value of Regent Co., Boston. The amount of the issue
is not to exceed $250,000. The trustees are: Dayton Keith, Frederick G.
Curry and Walter J. Sugden, voting trustees under a voting trust agreement dated April 2 1934.

2674

Financial Chronicle

Committee for Woods Brothers Corp. 10-Year 6% Collateral Trust Sinking
Fund Gold Bonds Due April 1 1937 (2-816), 48 Wall Street, New York
City, calling for deposit of the above bonds in a principal amount of
$1,710,500 outstanding from an original issue of $2,500,000 of Woods
Brothers Corp., Lincoln, Neb., engaged in the real estate business and
dealing in agricultural lands and ranches in the Central West. Members
of the protective committee are all investment bankers, as follows: A. Perry
Osborn, New York; Charles A. Collins, Boston; J. G. Gosling, Cleveland,
and IL Kenyon Pope, Chicago.
The interest coupons on the above issue, due April 1 1933, Oct. 1 1933,
and April 1 1934, have not been paid, according to the committee, and the
company is also in default with respect to its sinking fund. "In view of
the foregoing," the committee says, "it is important that the bondholders
should unite promptly for the protection of their interests." . . .
"Through the co-operation of the bondholders, this Committee can ask and
has been assured it will obtain active representation in the company's
affairs. . . ."
/
2% Gold Bonds,
Bondholders' Protective Committee for First Mortgage 41
Due March 1 1934, of Rock Island Arkansas & Louisiana Railway Co.
(2-817), 120 Broadway, New York City. This file number (2-817) has been
assigned to the registration statement of the above committee. Details of
the proposed registration were announced Tuesday, April 10. [They are
given under a separate heading in this issue of the "Chronicle."]
Bondholders' Protective Committee of Sierra Railway Co. of California
(2-818), 320 Market Street, San Francisco, calling for deposits of first
mortgage 6% bonds and second mortgage 5% bonds of total amounts
outstanding, $1,382,000, preparatory to a reorganization plan of the company, which operates railway service from Oakdale, Stanislaus County,
Calif., through the towns of Jamestown, Sonora and Tuolumne, with a
branch line running from Jamestown to Angels Camp, Calaveras County.
Members of the protective committee are: D. J. Murphy, banker; S. P.
Eastman and J. W. Preston Jr., capitalists, all of San Francisco. Mr.
Murphy, as of March 9 1934, held $15,000 first mortgage bonds of the
railroad.
In announcing the reorganization plan, the Committee, in part, said:
"The primary difficulties of the Sierra Railway Co. have apparently been
two: a sharp decline in operating revenues (amounting to 75% from 1929
to 1932), and excessive fixed charges. . . .
"Any reorganization must, of course, be so framed that an improvement
In gross revenues and resulting improvement in net will flow proportionately
to security holders assenting to the plan. We have been informed that an
increase in gross revenues is quite possible, both from lumber traffic and
traffic resulting from the Hetch Hetchy project. However, it is impracticable at the moment to estimate probable earnings, and it is therefore
necessary to construct our plan upon theoretical assumptions as to these
earnings."
Phoenix Gold Mining Corp. (2-819), Reno, Nev., a Nevada corporation
organized Dec. 13 1933, to mine metals in Nevada and California, proposing to issue 200,000 shares of common stock at $1 a share, the proceeds
to be expended on mine development, purchase and installation of a mill
for treatment of the ore, and in meeting payments on the property coming
due before the mine reaches the productive stage, according to the registration statement. Not more than 20% commission will be paid on sales
of stock. Rodney H. Davis, Seattle, Wash., is President; T. C. Magrath,
of Seattle, Vice-President and Treasurer, and Wayne Hampton, Seattle,
Secretary.

With the issuance of the above lists the Commission said:
In no case does the act of filing with the Commission give to a security
Its approval or indicate that the Commission has passed on the merits of
the issue, or that the registration statement itself is correct.

The last previous list of registration statem.ents appeared
in our April 7 issue, pages 2341-2343.
Filing with Federal Trade Commission Under Securities
Act of Certificates of Deposit Covering Bond Issue
of Rock Island Arkansas & Louisiana RR. Co.
An announcement April 10 by the Federal Trade Commission stated that certificates of deposit covering a bond
issue of $14,862,000 of the Rock Island Arkansas & Louisiana
RR. Co. with the Chicago Rock Island & Pacific Ry. Co.
as guarantor, have been filed for registration with the
Securities Division of the Federal Trade Commission. The
• bonds are first mortgage 432% due March 1 1934, now
in default. The Commission's announcement continued:
The registration statement (817) was filed by a bondholders' protective
committee whose members are: James G. Blaine, 120 Broadway, New York
City, President of the Marine Midland Trust Co. of New York; James R.
Trowbridge,8th Ave. and 42d St., New York City, President of the Franklin Savings Bank in the City of New York, and Vincent Cullen, 118 William
St., New York City, President of National Surety Corp. The committee's
address is 120 Broadway.
Both railroads are now involved in bankruptcy proceedings in the United
States Court for the Northern District of Illinois, with former Governor
Prank 0. Lowden, James E. Gorman and Joseph B. Fleming, all of Chicago, named as trustees.
Lines of the R. I. A.& L. were leased by the C. R. I. & P.In 1906. All
stock of the R. I. A. & L. was said to be of the same class and all outstanding shares except directors' qualifying shares are said to be owned by the
C. R. I. Sc P., better known as the "Rock Island."
Under Section 77 of the Federal Bankruptcy Act a plan of reorganization
may be adopted which, according to the company's registration statement,
may include "a proposal to modify or alter the rights of creditors generally,
or any class of them, secured or unsecured, either through the issuance
of new securities of any character or otherwise."
While no definite plan of reorganization or readjustment was presented.
the committee suggests it may be advisable for the protection of the bondholders' interests "that they be organized and represented by a committee
representing such bonds only in connection with the matters which are now
arising and will hereafter arise in the pending proceedings and in connection
with any reorganization which may be proposed therein."
Outstanding stock of the C. R.I. & P.Is listed in the statement as follows:
7% preferred, $29,422,189; 6% preferred, $25,127,300, and common,
$74.877,200; total (less $517,477.50 held in the treasury), $128.909,211.50.
Outstanding stock of the R. I. A. & L. is listed as $1,768.000 capital stock.
The Marine Midland is successor trustee under the first mortgage of
R.I. A.& L.to Bankers Trust Co., New York,trustee, dated as of March 1




April 21 1934

1910,securing the bonds to be called for deposit. Depositaries are: Bankers
Trust Co.. New York; The First National Bank of Chicago. Chicago, and
J. Henry Schroder & Co., London, England. No depositary has other
business connections with the two railroad companies except that James
R. Trowbridge is a stockholder of Bankers Trust Co., and the latter company,in its individual capacity, holds a demand loan for $5,000 and interest
running to a committee previously representing R. I. A. & L. RR. Co.
first mortgage bonds, a part of which loan may be assumed by the issuers.
Balance sheet of the R. I. A. & L. of Dec. 31 1933 shows total assets of
$17,803,422.32; total liabilities of $16,264,402.47; total current liabilities
of $421,572. The profit and loss statement for the year ending Dec. 31
1933 shows a deficit of $774,293.69.

Amendments to Liberalize Federal Securities Act Proposed by Merchants' Association of New York—
Fear of Increased Unemployment and Business
Difficulties Under Present Law.
Convinced that unless action is taken before adjournment
of Congress to liberalize the Federal Securities Act, the
country will be faced by increased unemployment and bankruptcy of going concerns unable to finance themselves under
the terms of the present law, the Merchants' Association of
New York has placed in the hands of Duncan U. Fletcher,
Chairman of the United States Senate Committee on Banking and Currency, and Sam Rayburn, Chairman of the House
Committee on Inter-State and Foreign Commerce, a memorandum suggesting immediate amendment of the Act in 21
important particulars.
It is stated that the proposed amendments have been
worked out by the Association with a view to redrafting the
Act in such fashion that it will still accomplish its major
purpose of protecting the investor and will, at the same
time, remove unfair and needless restrictions whin are now
interfering with the sale of the securities of sound companies. With respect to the proposals of the Association,
an announcement on April 15 said:
The decision was reached to ask for immediate amendment along the
lines indicated after information had been brought to the Association
that some companies are already experiencing difficulty in refinancing.
The amendments suggested would have the effect of bringing the Act
more closely in line with the British Companies Act, which many have
regarded as a model of fairness to the investing public, the investment
banker and the corporation in need of funds.
In calling for the amendment of the Act during this session of Congress,
the Association told Senator Fletcher and Representative Rayburn that
the employees of the merchants and manufacturers of durable goods and
their employers are the greatest sufferers under the law as it exists to-day,
and that the Act is in fact more prohibitive to legitimate interests which
may wish to issue securities for going concerns with long and honorable
histories than it is to those who desire to use it in connection with new
and untried securities interests. It was pointed out that business securities amounting to nearly $1,000,000,000 are maturing in the course of the
current year and that unless they are refunded deflation will result because
of the withdrawal of these funds from industry and thus retard or prevent
industrial recovery. The amendments proposed by the Merchants' Association are designed generally to bring the responsibility that is placed upon
directors, accountants and underwriters within the bounds of reason.
It is proposed, for instance, that recovery for allegel misrepresentation
should be limited to those purchasers who can prove that they relied on a
registration statement or a prospectus authorized by the Issuer; that
rescission actions should be limited to those against the person actually
selling to the purchaser or against the issuer or other person responsible
for misstatements or omissions of material facts, but only when it is
shown that these misstatements or omissions adversely affected the value
of the security or were an inducement to the purchaser to buy or would
have materially influenced him in not buying.
It is proposed that directors, officers and experts shall be liable for
misstatements or omissions only if such statement or omission of a material
fact is a result of fraud or lack of reasonable care or if they knowingly
contravene the provisions of the Act. This amendment would bring the
Act in line with the British Companies Act.
For the purpose of defining reasonable investigation, the Association's
memorandum proposes that the standard of reasonableness be that of a
"reasonably prudent man in the conduct of his own affairs," instead of that
of a "person occupying a fiduciary relationship," a definition that is
regarded as vague and varies in different jurisdictions. It is also proposed that, in this connection, the exact language of Section 372 of the
English Companies Act be adopted. It is also proposed that damages
arising under Section 12 shall be limited to those which are a direct consequence of a material untruthful statement.
Another very important change would make it possible for the original
underwriter to obtain firm commitments from other underwriters before
the lapse of 20 days, since at the present time it is impossible for a corporation to know whether its securities will be firmly underwritten at the
time of filing registration statement. The operation of the present law in
this particular has been found in practice to be a serious deterrent to
new financing.
In the Association's memorandum many other sections of the Act are
analyzed and proposals made for changes which, in the judgment of those
who have studied the operation of the Act, will make it fairer and more
workable and will not detract materially from its main purpose.

Modification of Securities Act Likely—Representative
Bacon Introduces Amendment to Liberalize
Penalty Provisions—Finds Long Time Capital
Market Dried Up—Durable Goods Industry Board
Urges Amendment.
President Roosevelt's advisers were reported on April 19
as going ahead with the consideration of amendments to the
Securities Act of 1933, these to be in the forms of a companion measure to the Stock Exchange control bill. In

Volume 138

Financial Chronicle

reporting this in a Washington dispatch, April 19, the New
York "Times" said:
Pending financial legislation, including the Stock Exchange bill and
the possible amendments to the Securities Act, was discussed to-day in a
15-minute conference of President Roosevelt and Winthrop W. Aldrich and
J. H. Perkins, Board Chairmen of the Chase National Bank and the
National City Bank of New York.
The bankers said afterward that the general financial situation had been
discussed.
"We gave the President our views on the subject and he listened," Mr.
Perkins said.

The same dispatch had the following to say, in part:
It is thought virtually certain now that some modifications will be made,
and some Congress members who advocate placing Stock Exchange control
under a new commission of five rather than the Federal Trade Commission
appear satisfied that if such a course is followed administration of the
Securities Act will be put under the same new agency.
There are reports that the President feels that the two should fall under
one commission, whether a new or old one.
One group is said to have suggested the introduction of an entirely
rewritten Securities Act rather than a bill containing amendments, but
Congressmen working with the Administration expressed belief that if any
such effort were made it would prove futile. They doubted that even the
sharpest opponents of the Securities Act would attempt such a manoeuvre.
No new bill has been presented, and the Identity of any group advocating
such a course could not be learned.

On April 18 Representative Bacon fRep., N. Y.) introduced
an amendment in the House to the Securities Act liberalizing
Its civil penalty provisions, alleging, it is stated, that the
Act is so drastic that it has "completely dried up the longtime capital market." Advices to this effect were contained
In a Washington dispatch, April 18, to the New York
"Journal of Commerce," in which it was further stated:
The changes proposed, which are in line with similar amendments offered
In the Senate last week by Senator Hastings (Rep., Del.), followed a plea
to Congress by the New York Legislature that the liability provisions be
eliminated in order that business might be restored to a "stable and
economically sound normalcy."
Wants to Thaw Market.
"I believe that the law should be modified to prevent the freezing of
long-time capital markets," Mr. Bacon declared, "but at the same time
continue to provide ample protection for the investing public."
He called attention to a resolution adopted last week by the New York
Legislature urging liberalization of the law and pointed out that although
the lower House is Democratic and the upper House Republican, the measure
had been approved unanimously. The resolution was read in the House by
Mr. Bacon and presented to the Senate at the same time by Senator Copeland
(Dem., N. Y.).
Economists Are Cited.
The measure asserted that it was the judgment of eminent economists and
practical business executives that business recovery is retarded by the
inability of manufacturing and commercial establishments to obtain operating capital, and it is "conceded that the operation of the Federal Securities
Act of 1933 has interfered with the orderly recovery of business."
Commercial executives, it was added, have in the main co-operated
sincerely with the National Government in an effort to relieve suffering,
but the inability of business to obtain capital has "aggravated the deplorable
unemployment situation."
It was urged that Congress amend the Securities Act by "eliminating all
of its civil liability provisions to the end that business, by being permitted
to finance itself, may thereby be in a position to finance employment when
the ability of the Government so to do is exhausted."

Senator Hastings's bill was referred to in our issue of
April 7, page 2340, and reference to the resolution of the
New York Legislature urging amendment of the Securities
Act appeared in our issue of April 14, page 2506.
Under date of April 12, United Press advices from Washington to the New York "Herald Tribune" said:
The recovery program gradually is forcing nationalization of productive
wealth in the United States, the Durable Goods Industries Committee, formed
under NRA auspices, declared to-day in a resolution demanding immediate
amendment of the 1933 Securities Act.
Unless the Act is amended to remove "impossible liabilities and penalties" from American business men and bankers, recovery must be merely
temporary, the Committee said in a broadside which complained also that
the proposed Stock Exchange Control Act "has threatened serious interference to recovery."

Tax Bill Sent to Conference—Senate Measure Provided
Additional Annual Revenues of $481,000,000,
Against $261,000,000 in House Bill—Tax on Cocoanut Oil May Draw Presidential Veto—Senate
Voted Publicity for Income Tax Returns—Amendment for Taxation of Tax-Exempt Securities
Withdrawn.
The general tax revision bill was referred to a conference
committee of Representatives and Senators April 17, in an
effort to adjust major differences in the.measure as passed
by the Senate April 13, and the bill passed by the House
on Feb. 21. A reference to the bill as adopted by the House
appeared in our issue of Feb. 24, page 1329. One of the
controversial features in the bill is the levy on Philippine
cocoanut oil, written in despite President Roosevelt's outspoken opposition. The House voted a tax of 5c. a pound
and the Senate changed the rate to 3c. It was rumored this
week that the President might veto the bill if it is finally
passed by Congress with the cocoanut oil tax included.




2675

Passage of the tax bill by the Senate was noted in our
issue of April 14, pages 2504-05. The Senate bill carries a
total annual estimated additional revenue of $481,000,000,
as compared with $261,000,000 provided for in the House
bill. One feature inserted by the Senate was a provision
that income tax returns in the future shall be open to
public inspection. This "publicity" amendment was offered
by Senator LaFollette and was adopted by the Senate on
April 13 by a vote of 41 to 34. It provides that income tax
returns shall be public records, and whenever a return is
made available for inspection, under regulations promulgated by the Secretary of the Treasury and the President,
any person may be furnished with a certified copy after
payment of a "reasonable" fee, to be fixed by the Commissioner of Internal Revenue. According to Washington advices, April 13, to the New York "Times" the Senate was
spared a vote on another perennial controversial matter of
taxation when Senator Clark withdrew his amendment providing for taxation of income from heretofore tax-exempt
securities. From the same dispatch we also quote:
a
The Missouri Senator withdrew his amendment after the Senate, by
maintaining
vote of 38 to 27, adopted an amendment by Senator McKellar
bonds.
the exemption from taxation of income from State and municipal
"That action so emasculated my amendment that it will be of no avail,"
Senator Clark said.
Income Levies Sharply Raised.
$82,000,000 be
In its revision of the measure, the Senate directed that
permanent
added to the income tax yield for next year, $27,000,000 by
addition
changes in the rates and structure, and $55,000,000 by a flat 10%
structo the taxes returnable next March 15. The change in the permanent
partially
ture would serve to increase heavily the taxes on dividends and
individuals.
on
surtaxes
tax-exempt securities by substantial increases in the
The Senate voted that $102,000,000 a year be added to the inheritance
to
taxes by an addition of $95,000,000 to the estate tax and $7,000,000
its companion, the gift tax. Under the former, the maximum levy was
raised to 60% on that part of any estate above $10,000,000.
The tax would be imposed, as under present law, according to the value
of the estate at the time of death. All property which was held by any
deceased person, corporate stocks, securities, business interest or whatever
the
the assets, would be appraised as of the date of death and included in
after
"gross estate." The tax would be applied only to the "net" estate,
numerous statutory deductions were allowed.
The Senate, as well as the House, refrained from attacking the present
depreciation allowances under the promise of the Treasury so to tighten
up its administration as to add $85,000,000 a year to the revenue from
this source.
The Senate voted that $30,000,000 more should come from capital gains
and losses. The House bill was calculated to increase this yield by
$35,000,000.
The Senate agreed with the House that personal holding companies, or
"incorporated pocketbooks," should bear a surtax of upward of 30%, but
changed the rates and brackets so as to reduce the expected yield from
$25,000,000, as in the House bill, to $20,000,000.
Another major change of the Senate bill was to eliminate entirely the
privilege of corporations to file consolidated returns for subsidiaries and
affiliates. The House had voted to raise the penalty on this form of
return from 1% to 2%. The Senate action was calculated to squeeze
$35,000,000 more out of the corporation tax, whereas the House sought
$20,000,000 more.
The Senate voted a total increase in taxes of around $502,000,000, but
certain deletions either from the House bill or from the present law brought
the net new yield to an estimate of $481,000,000.
Excise Taxes Amended.
Just before the final vote the Senate struck from the present law the
manufacturers' excise tax on candy. It also amended the fur excise to
exempt all fur articles sold by the manufacturer for less than $75 and
jewelry items sold for less than $25. It struck about $12,000,000 from
the bill by providing, according to an amendment adopted Wednesday
(April 111, that the proceeds from the fats and oil tax, voted over
President Roosevelt's protest, should go largely to the treasury of the
Philippine Islands, from the products of which it will be collected.
In one of its final actions on the bill, the Senate reduced the stamp tax
on sales of commodities on exchanges and boards of trade for future
deliveries from 5e. per $100 value to the old level of lc. per $100.
The Senate also thwarted by the overwhelming vote of 58 to 19 an
attempt of Senator Hastings to reconsider the action by which it had
stricken out the privilege of consolidated returns.

The main section of the LaFollette income tax return
publicity amendment adopted April 13 by the Senate was
given as follows in Associated Press advices from Washington that day:
Returns made under this title upon which the tax has been determined
by the commissioner shall constitute public records and shall be open to
public examination and inspection under rules and regulations promulgated by the Secretary (of the Treasury) and approved by the President.
Whenever a return is open to the inspection of any person a certified
copy thereof shall, upon request, be furnished to any person under rules
and regulations prescribed by the commissioner, with the approval of
the Secretary. The commissioner may prescribe a reasonable fee for
furnishing such copy.

The 53 votes registered by the Senate in favor of the bill
were cast by 38 Democrats, 14 Republicans and one FarmerLaborite; the seven votes in opposition to the adoption of
the bill were, as we indicated in our issue of a week ago,
cast by Republicans. The Democrats have voted solidly
for the bill.
A Washington dispatch, April 13, to the New York "Herald Tribune" gave the following summary, which compares

2676

Financial Chronicle

provisions of the tax bill as passed by the Senate with the
bill previously passed by the House and with the present
law:
PERSONAL INCOME TAXES.
Senate Bill.
Normal tax: 4%. Exemptions, $2,500 for married persons; $1,000 for
single persons; $400 for each dependent. Earned income deduction to
10% upon income up to $20,000, the first $3,000 of which is assumed to
be "earned" while the remainder must be proved as "earned."
Surtax: Beginning with 5% on net incomes of between $4,000 and
$6,000, graduating upward to 59% on net incomes in excess of $1,000,000.
Exemptions and credits for dependents allowable the same as against
normal taxes.
Supertax: Senator Couzens's amendment for 10% addition to income
taxes on 1934 income.
House Bill.
Normal tax: Same as Senate bill with exception that amount that may
be classed as "earned income" may not exceed $8,000.
Surtax: Beginning with 4% on net incomes of between $4,000 and
$8,000, graduating upward in slightly different brackets from Senate bill
to the same maximum of 50% on incomes in excess of $1,000,000. Exempttions and credits for dependents allowable against surtax the same as
against normal taxes as provided also in Senate bill.
Present Law.
Normal tax: 4% on first $4,000 of net income, plus 8% on balance
over $4,000. Exemptions: Same as in Senate and House bills. No credit
for "earned income."
Surtax: Beginning with 1% on net incomes of more than $6,000 and
extends upward to 55% on net incomes of more than $1,000,000.
ESTATE AND GIFT TAXES.
Senate Bill.
Estate tax: Begins at 1% on net estates not in excess of $20,000,
rising to 60% upon net estates in excess of $10,000,000. Exempts first
$40,000 of any estate. No credits under this schedule for estate taxes
paid to the States.
Gift tax: Beginning at % of 1% on net gifts not in excess of $20,000,
graduating upward the same as proposed for estate tax.
House Bill.
No change from present law.
Present Law.
Estate Tax: One schedule ranging from 1% on the first $50,000 of net
estate to 20% on the net estate in excess of $10,000,000 against which a
credit of 80% is allowed for estate taxes paid to the States and which
carries an exemption of $100,000. Another schedule, called the "super
estate tax," with rates running from 1% on the first $10,000 of new
estate to 45% on that part of the net estate above $10,000,000, on which
no credit is allowed for State taxes and which carries an exemption of
$50,000.
CAPITAL STOCK TAX.
Senate Bill.
A tax of 1/10 of 1% of the adjusted declared value of the capital stock
of each corporation.
An excess profits tax of 5% on the earnings in excess of 12%% of
the
"declared" value of such stock.
House Bill.
No change from existing law.
Present Law.
Capital stock tax expires June 30 1934.
Excess profits tax repealed by Presidential proclamation of the
Eighteenth
Amendment as of Dee. 31 1933.
SURTAX ON PERSONAL HOLDING COMPANIES.
Senate Bill.
A special surtax of 30% on the first $100,000 of
undistributed adjusted
net income of personal holding companies plus 40%
on all over that
amount.
Personal holding company defined as any corporation
80% of whose
gross income is derived from royalties, dividends, interest,
annuities and
gains from sale of securities and more than 50% of
whose outstanding
voting stock is owned by not more than five persons.
Exempts part of
income from rent, also allows a "reasonable" reserve for debt
liquidation.
House Bill.
Imposes flat rate of 35% on all undistributed adjusted net income
of
personal holding companies. Exempts no part of such
income from
the tax.
Present Law.
No provisions for special tax on personal holding companies.
CAPITAL GAINS AND LOSSES.
Senate Bill.
Losses: Allows deductions from taxable income of capital losses
only
to the extent of similar gains, with the exception that $2,000
of any
excess loss may be charged off from ordinary income.
Gains: Measures for tax purposes 100% of the gain on capital
assets
if the asset is held for less than one year, 80% if held from one
to two
years; 60% if held from two to five years; 40% if held from five
to 10
years; 30% if held for more than 10 years.
House Bill.
Losses: Limits deductions for losses on capital assets strictly to
gains
in similar transactions for the same taxable year.
Gains: Measurement for taxation same as Senate bill, with
exception
that the last bracket-30% if gain is held for more than 10
years—ia
not included.
Present Law.
Special treatment for gains and losses on capital assets held for more
than two years, providing a limitation of taxes of gains of 12%% with a
corresponding limitation on the amount of deductible losses. In the case of
capital assets held for less than two years, the gains realized thereon are
tated in full and the losses allowed in full except that in the case of
stocks and bonds losses are deductible only to the extent of gains in
similar transactions.




April 21 1934

CORPORATE CONSOLIDATED RETURNS.
Senate Bill.
Prohibits consolidated returns for subsidiaries and affiliates.
House Bill.
Imposes a 2% penalty tax.
Present Law.
Imposes 1% additional tax on corporations filing consolidated returns.
EXCISE TAXES.
Senate Bill.
Repeals tax on soft drinks, clocks and furs selling for less than $20;
increases tax on colored stem wooden matches from 2 to 5c. per 1,000.
Imposes "processing tax" of Sc. a pound on cocoanut oil, copra and other
vegetable and fish oils.
House Bill.
Leaves intact excise list as carried in present law; imposes processing
tax of 5c. a pound on cocoanut oil and copra and sesame oil and sesame seed.
BANK CHECK ACT.
Senate Bill.
Deletes provision of House bill repealing 2c. bank check tax as of
Jan. 1 1935, which, under present law, would expire on July 1 1935.
DEPRECIATION AND DEPLETION ALLOWANCES.
Both bills continue provision of present law under promise of Secretary
of the Treasury Morgenthau so to improve administration of these provisions as to add $85,000,900 to the annual revenue.
EXCHANGE AND REORGANIZATIONS.
Both bills limit the charge-offs on account of exchanges and corporate
reorganizations in a manner to add directly or indirectly $10,000,000 to
the revenue.
ADDITIONAL TREASURY PERSONNEL.
Both bills provide for creation in the Treasury Department of the office
of General Counsel to be appointed by the President with confirmation of
the Senate at $10,000 a year.
Both bills direct the appointment of six assistants to the General
Counsel; the House bill provides for appointment by the Secretary, but
the Senate bill specifies appointment by the President with confirmation
by the Senate. Salaries, $10,000 a year each.
Both bills also authorize appointment of assistants to the Secretary to
handle the $2,000,000,000 stabilization fund; the House bill for selection
by the Secretary and the Senate bill for appointment by the President with
Senate affirmation. Salaries, $10,000 a year each.

Increased Taxation Provided in Senate and House
Bills Over Present Taxes.
Increases over the present law in the yield of the Senate
and House tax bills were estimated by L. H. Parker, Chiefof-Staff of the Joint Congressional Committee on Internal
Revenue Taxation, as follows:
Item—
Senate Bat.
Capital stock tax
$95,000,000
Increase in estate taxes
95.'00(4
043° 0
Increase in gift tax
Changes in income tax structure
27
7:000
001
00
Couzen's 10% increase for 1934
55,000,000
Administration of depreciation allowances (not in bill,
but promised by Treasury)
85,000,000
Capital gains and losses
30,000,000
Personal holdings companies
20,000,000
Exchanges and reorganizations
10,000,000
Consolidated returns (Borah amendment)
35,000.000
Partnerships
5,000,000
Administrative changesin gasoline and lubricating oil tax
Miscellaneous provisions
2
10
8:M:000
Dividends out of pre-March 1913 earnings
Foreign tax credits
Gross total

House BM.

$28,000,000
85,000,000
35,000,000
25,000,000
10,000,000
20,000,000
5,000,000
2
240:001:0
001
8.000,000
6.000.000

5502,000,000 8263.000,000

Deductions.
A. Allocation of fats and oil tax to
512.000,000
Philippine Treasury
B. Deletion of candy tax
3,000,000
C. Amendment of fur tax
4,000.000
D. Amendment of Jewelry tax
2,000,000
Total deductions
Net total

$21,000,000
5481,000,000 8263,000,000

Sugar Control Bill Goes to Conference Committee
After Approval by Senate—All Proposed Amendments to Measure Defeated.
The sugar control and allotment bill was sent to a conference committee of the House and Senate yesterday (April
20) in order to adjust minor differences in the measure as
passed by the House and that approved by the Senate. The
House passed the bill April 4, as noted in our issue of April 7,
page 2347. It was approved by the Senate April 19 by a
vote of 49 to 18. The bill guarantees domestic beet sugar
growers an annual quota of 1,550,000 tons, while Florida
and Louisiana cane growers are assigned a quota of 260,000
tons. The measure authorizes Secretary of Agriculture
Wallace to fix the amount of sugar that may be imported
each year from Cuba, Puerto Rico, Hawaii and the Philippines. Both sugar beet and sugar cane are made basic
agricultural commodities under the Agricultural Adjustment
Act by the terms of the bill.
Senate action before approving the bill April 19 was described as follows in a Washington dispatch of that date to
the New York "Herald Tribune":
The Senate voted down a series of amendments designed to fix the
quotas of sugar to enter the United States from Puerto Rico and Hawaii,
and the debate provoked a flare-up on child labor.

Volume 138

Financial Chronicle

Senator Robert F. Wagner, Democrat, of New York, brought the Senators from sugar-producing States up in protest when he suggested that
reports on labor conditions showed that children were forced to work long
hours in the beet fields and were kept from school to do the job.
When Senator Wagner read that they were compelled to work sixteen
hours a day Senator William E.Borah,insurgent Republican, of Idaho, denounced the report as "a slander." Senator Wagner fought for the language of the House sugar bill providing that all agreements authorized by
the act "may contain provisions which will eliminate child labor and fix
minimum .wages for workers." The Senate Finance Committee had
changed it to read: "May contain provisions which will limit or regulate
child labor."
Minimum Wage Called Outrageous.
After an argument in which Senator Arthur H. Vandenberg, Republican,
of Michigan, said that the farmers would be unable to get the money for
the minimum wage, and Senator Daniel 0, Hastings, Republican, of Delaware, said the attempt to fix the wages a farmer would pay was "an outrageous thing," Senator Wagner withdrew his amendment. The Senate
Finance Committee amendment then was adopted. . .
Senators Royal S. Copeland, Democrat, of New York, and David A.
Reed, Republican, of Pennsylvania, sought to fix the allotment for Puerto
Rico, to be left by the bill to the judgment of the Secretary of Agriudture.
at 850,000 tons annually. Others failed in attempts to fix the Hawaiian
allotment between 850,000 and 975,000 tons.

Congress Adopts Conference Report on Bankhead
Cotton Control Bill.
Congressional action on the Bankhead Cotton Control bill
was completed on April 17, when the House by a vote of
235 to 105 adopted the conference report on the bill. The
Senate adopted the report on April 14 by a vote of 39 to 28.
Associated Press accounts stated that the Senate gave its
approval despite a prediction from Senator Bailey of North
Carolina that it would lead to "a political revolution."
Three Republican Senators joined with 36 Democrats to
send the conference report to the House. Six Democratic
Senators cast their ballots against the bill. The measure,
which is described as the nation's first Federal compulsory
production control Act would force farmers to keep cotton
production in the coming crop year at 10,000,000 bales.
On April 17 Associated Press advices from Washington said:
It is a new venture in economic planning and becomes effective upon
the President's signature. It may be extended a second year through Presidential proclamation if two-thirds of the farmers favor it.
The measure imposes a tax of half the current market price, or not less
than 5 cents a pound. on all cotton produced in excess of 10,000.000 bales.
It is designed to aid the Farm Administration in its voluntary cotton
production reduction program.
In the brief debate it was charged by opponents led by Representative
Jeff Busby, Democrat, of Mississippi,that it meant an "irretrievable surrender" of the rights of farmers to control their own production.
With few exceptions the bill went to the President as the House originally
passed it, the Senate having receded on its controversial proposal to exempt
the first six bales from the so% tax imposed on production in excess of
quotas.
President Roosevelt recommended the bill in principle in a letter to
Chairman Jones when the Agriculture Committee was considering it.
The measure was initiated by the Bankhead brothers, of Alabama—
Senator and Representative—after a poll of cotton farmers showed that
about 95% favored the plan.
Its advocates claim it will aid the voluntary reduction program,stimulate
prices and whittle down the large annual carry-over of recent years.
Long staple cotton is exempted in States in which production has-not
exceeded 250,000 bales in any one year in the last five years.

With the adoption of the conference report by the Senate
on April 14 the Associated Press said:
Final Senate debate centred on the action of the conferees in striking out

a Senate amendment to base quotas on the average production for the last

ten instead of five years.
There was no discussion of the elimination of the Senate's amendment
exempting six bales on each farm from limitation.
Senator Thomas launched the fight on the five-year plan, saying it reduced Oklahoma's quota by 20% and amounted to an annual tax of $4,200.000 on the State.
Chairman Smith of the Agriculture Committee said the five-year plan
would limit the Eastern States more severely than Oklahoma.
Senator Gore said Argentine producers already were being urged to
Increase their cotton and warned that once the foreign market was lost
it would be almost impossible to regain it.
Senator Bailey said the five-year base would harm North Carolina and
aid Alabama, the home of the Bankhead brothers and authors of the bill—
Senator Bankhead and Representative Bankhead. He recalled President
Roosevelt's campaign promises to the "forgotten man" and said the bill
would harm the small producer.

An item regarding the conference report appeared in our
Issue of April 14, page 2509.
200 Members of Congress Greet President Roosevelt
at Station as Executive Returns to Washington
from Vacation—Warns Representatives He Is a
"Tough Guy."'
President Roosevelt, returning to Washington, April 13,
after a vacation spent in Southern waters on the yacht Nourmahal, was met at the Union Station by more than 200
members of Congress, headed by the United States Marine
Band. In an impromptu speech at the railroad station the
President said that he had learned "all sorts of new lessons"
from barracuda and sharks, and warned his hearers that
he was "a tough guy." The President's speech to the members of Congress who greeted him was as follows:
I am very glad to see you all, and it was mighty good of you to come
down here. I can't be truthful and say that I am glad to be back, because
I am awfully sorry to be back.




2677

But while I have been having a wonderful time, I gather also that both
houses of Congress have also been having a wonderful time in my absence.
And, furthermore, I expected on this trip to get some good publicity
about the fish I was catching, but you couldn't get any publicity in view
of the fact that here in Washington apparently you good people have been
going from Wirt to Wirt.
The newspaper boys coming up on the train have been trying to make
me say that I hope Congress would go home very soon.
I can't say it, because I hope you will stay just as long as you like to.
For you younger people in both houses, speaking from the experience of
many years in Washington, I want to point out to you the advantages of
the Washington climate in July and August. It rarely gets over 110 here.
There is no humidity and I don't mind if I stay here all summer.
Well, anyway, I wish you had the chance that I had to get away for
two weeks. It has been a wonderful holiday, and I come back with all
sorts of new lessons which I have learned from barracuda and sharks.
I am a tough guy I
So, if you will come down and see me as often and as soon as you
possibly can I will teach you some of the stunts I learned.
Anyway, many thanks, and I will see you all very soon.

United Press Washington advices, April 13, described the
President's arrival in the capital in part as follows:
Administration Congressional leaders interpreted the speech as a plea
for early adjournment of Congress and indicated to-day they would meet
at the White House this week-end to discuss hasty conclusion of the
session.
There was a moment before the parade started when it seemed possible
that the affair might turn into a fight instead of a frolic.
"Who the hell do they think they are?" demanded Representative Cannon
(D., Wis.), in a last-minute statement. He was talking about members of
the United States Senate, and he explained himself as follows:
"As a member of the House I am incensed at news articles which stated
that Senators said it was beneath their dignity to march behind a brass band.
"While it is barely possible their presence with members of the House
would not subtract, I am sure it would not add to the 'occasion. Some
of the Senators should be following a plow instead of a brass band."
Only four Republicans were counted—Representatives Welch (Calif.),
Lambertson (Kan.) and Senators La Follette (Wis.) and Nye (N. D.).
Leading the marchers was Speaker of the House Rainey, wearing a flowing
black tie and a large pink carnation in his lapel.
Mrs. Isabella Greenway (D., Ariz.), who broke with the Administration
on the veterans' compensation issue, paraded beside Mrs. Virginia Jenckes
(D., Ind.). Representative Dickinson (D., Mo.), the oldest member of
Congress, an 85-year-old Civil War veteran, marched •proudly along,
swinging a cane.
Speaker Railey, House Majority Leader Byrne and Representatives Cullen
(D., N. Y.), and Sabath (D., Ill.) led the marchers through the station
and to a lower level. The bank played "The Star-Spangled Banner,"
"Swanee River" and "Dixie."
Almost lost in the Congressional throng were several Cabinet members.
They wouldn't parade, either, but arrived in limousines.

President Roosevelt Opposed to Farm Mortgage Bill
Which Would Authorize Issuance of $2,500,000,000
in New Currency.
President Roosevelt would veto the Frazier-Lemke bill
to refinance farm mortgages through the issuance of about
$2,500,000,000 in new currency, if the measure passed
Congress, Speaker Rainey said April 10. The bill is still
under consideration by the House Agriculture Committee,
despite the efforts of its sponsors to secure the 145 signatures necessary to force a House vote on the legislation.
Thirietal of signers to a petition to bring the measure on to
the floor at one time reached 139, but later several of the
signers withdrew their names, leaving only 131 names on
the petition. Associated Press advices from Washington
April 10 quoted the co-author of the bill as follows:
Representative Lemke (Rep.), of North Dakota. co-author of the
declared that until he himself had official notice that the President would
not approve the,measure he was unwilling to be guided by Mr. Rainey's
announcement.
Mr. Lemke, who is also the author of a petition to force the bill out
of the Agriculture Committee for House consideration. said:
"The Governor of New York and candidate for President certainly
gave assurances of his intention to help the farmers. I am not willing
to take anybody's word but his own for it that he will not live up to his
promises.
"We are going ahead and expect no difficulty In getting the necessary
145 signatures on the petition, which now has 133."
Opponents of the measure say $7,000,000.000 or $8,000,000,000 would
be needed and that it would result in too broad a currency Inflation and
other undesirable effects.

President Roosevelt Recommends Congressional Commission to Study Aviation—Senate Considers
Administration's Air Mail Bill—Suit Against Postmaster-General Farley for Contract Cancellations
Brought by Aviation Companies.
President Roosevelt on April 16 suggested to Congressional
leaders that Congress might authorize the appointment of a
commission "to make immediate study and recommend to the
next Congress a broad policy covering all phases of aviation
and the relationship of Government thereto." On the followingsday (April 17) the Senate began consideration of the airmail bill sponsored by Senator, McKellar and indicated that
the measure- might be amended to meet the views of the
President. Secretary of War Dern on April 17 instructed the
members of a committee inquiring into the efficiency of the
Army Air Corps to restrict their deliberations to.the defense
functions of the War Department.

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A White House statement issued April 16 reads as follows:
In conversation with Senators McKellar and Black and Congressman
Mead, the President suggested that in connection with pending aviation
legislation it should be borne in mind that the United States has had
no broad aviation policy: that a large number of inter-related factors
enter into the general subjects of civilian and military flying and their
subdivisions into material, personnel, manufacturing and experimentation.
That in view of the lack of and the need for a national policy the Congress
might well authorize the appointment of a commission to make immediate
study and recommend to the next Congress a broad policy covering all
phases of aviation and the relationship of Government thereto.
In so far as that part of aviation which relates to carrying United States
malls is concerned, contracts could well be let on competitive bidding for
one year or until such time as a broad policy relating to aviation as a whole
is adopted.

United Press Washington adives April 17 outlined recent.
developments in the aviation situation in part as follows:
Four operating divisions of United Airlines to-day started legal action
against Postmaster-General James A. Farley to compel restoration of their
air-mail contracts.
The companies also seek to recover damages from Mr. Farley personally
for all losses resulting from his cancellation order of Feb. 9.
Complaints in the suits were delivered to the Solicitor of the Post Office
Department late to-day.
"The bills of complaint charge that Mr. Farley arbitrarily and in a manmer contrary to law canceled the air-mail contracts of these companies
without giving them any notice or any opportunity to present the true facts,"
a United statement said.
Companies filing the action are Boeing Air Transport, National Air
Transport, Pacific Air Transport and Varney Air Lines—major operating
lines of the United system, which extends from coast to coast.
Announcement of the suit came shortly after the Administration air-mall
bill. embracing President Roosevelt's new plan for a commission of experts
to develop a unified Federal aviation policy, was placed before the Senate.
It met immediate opposition which promises to develop into long and bitter
debate.
Other air mail developments to-day were:
1. The Aeronautical Chamber of Commerce indorsed the Roosevelt
commission plan.
2. A special civilian and military board headed by Newton D. Baker
opened its investigation of the Army Air Corps.
3. The Post Office Department proceeded with plans to open bids of
temporary air-mail contracts Friday.
4. Chairman Hugo L. Black announced the Senate air-mail investigating
committee would not inquire into questinoning of Col.Charles A.Lindbergh
by Justice Department officials last month.
5. The Committee heard testimony that Century Air Lines in 1931 enlisted the "friendly co-operation" of Mark L. Bogus, California Republican
National Committeeman and close friend of former President Hoover, in
an effort to obtain contracts.
In the Senate to-day consideration of the Administration air-mail bill
was ordered by a vote of 48 to 25 despite protem of many Republicans and
several Democrats that the Administration was trying to "force it down
our throats."
Then after Chairman Kenneth McKellar (Dem., Tenn.) of the Post
Office Committee, has spent most of the afternoon explaining the measure,
the Senate decided it would take up the sugar control bill to-morrow and
dispose of that before going back to air mail.
Reviewing testimony before his committee, Mr. McKellar said "Col.
Charles Lindbergh had a complaint about cancellation of contracts, but
otherwise his testimony was favorable to the bill." He said many other
famous fliers had supported the measures.

President Roosevelt Outlines Legislative Program to
Congressional Leaders with View to Early Adjournment—Reported Opposed to Silver Measures—
Seeks Relief Appropriation, Stock Market Bill,
Amendments to Securities Act—Silver Senators to
Confer at White House To-day.
President Roosevelt, after conferences April 14 and 15
with Congressional leaders and with Secretary of the Treasury
Morgenthau, Manned a tentative schedule of legislation
which he wishes enacted during the current session of
Congress. According to newspaper dispatches from Washington, the President is anxious that Congress adjourn
around May 15. He was said to desire a legislative program
which would include an appropriation of approximately $1,500,000,000 to enable the continuance of the Administration's
relief program, a stock exchange regulation bill, and amendment of some of the more controversial sections of the
Securities Act of 1933. The President was said to have told
the Senate and House leaders that he was against any further
monetary or inflationary measures at this time, and that he
would not look favorably upon bills designed to re-monetize
silver or in other ways further tamper with the currency.
Speaker Rainey said April 16 that the President is opposed
to pending silver legislation at this session. A number of
Senators who advocate such legislation, however, made an
appointment to discuss the silver situation with the President
at the White House April 19, but this conference was postponed, and it was planned instead to hold it at noon to-day
(April 21).
The President on April 14 talked with a number of Senate
leaders about the general legislative program. At the close
of this 'meeting the following statement was, given out at
the White House:
The President and the Senators held an interesting, informal meeting
this afternoon which covered a discussion of almost all legislation now
pending before the Senate. Definite progress was made in outlining the
more important measures which it is expected will be disposed of during
the balance of the session, such as the tariff bill, the revenue bill, monetary




April 21 1934

legislation, Federal deposit insurance bill, municipal bankrupcty bill, stock
exchange bill and a number of others.
The conference this afternoon was of definite value in shaping the program for the remaining sessions of the Congress.
The President will have a similar talk with members of the House tomorrow night.

The White House conference on April 15 was attended by
leaders of the House. A Washington dispatch of that date
to the New York "Times" said in part:
No White House statement was issued after the conference. The President told the conferees that he expected to send to Congress within a few
days estimates for a blanket relief bill providing enough money to care
for the Government's relief program until the next Congress came into
session.
The appropriation will be divided among various activities such as public
works, direct Federal relief and aid to States and other political subdivisions
in carrying out their own relief programs. Mr Roosevelt will ask, however, that the bill be extremely flexible, so that the money may be applied
to any contingency.
This is exactly in line with the budget message read in the early days of
Congress; in which President Roosevelt anticipated a request for appropriations approximating $2,000,000,000, part of them already voted to handle
the relief and recovery program for the fiscal year beginning July 1.
Silver legislation was also mentioned at the conference, but apparently
nothing definite in that direction was arrived at and it seemed to be the
opinion that this legislation still belonged in the doubtful class. The
Wagner Labor Bill was not mentioned at the conference.
The President, it was said, was in the best of humor, but was very
positive in making clear his desires as to the course Congress should take in
the next four or five weeks. The men with whom he conferred are for the
most part the "key men" of his forces in the House.
Against a Monetary Authority.
Secretary Morgenthau, who sat in at the conference, told newspaper
men that every controversial matter had been discussed and some very
concrete decisions reached, but he would not say what they were.
It was learned, however, that the President had stepped very hard on
measures now pending in Congress to set up a central authority to handle
all monetary matters. He took this action, presumably, to head off
agitation for silver legislation of an inflationary nature.

Comments regarding the silver,situation and other legislative plans were noted as follows in a Washington dispatch
April 16 to the New York "Herald Tribune":
Speaker Rainey said he expected the President to request appropriations
of about 82.200,000.000, of which $1,600.000.000 would be for public
works. $300.000,000 for continuation of the Civilian Conservation Corns
and $300.000,000 for the emergency work relief system which has supplanted
the CWA. These appropriations are to be carried in a forthcoming deficiency bill.
With respect to the President's desire for a stock market bill with "teeth'
in it. Speaker Rainey remarked that "he wanted to have margin requirements stipulated in the measure." This was not interpreted, however, as
meaning that the President would insist on the stringent margin provisions
written into the bill as originally submitted. Rather, it was taken to
mean that the President might be willing to accept a reduction in the margins stipulated, provided the bill contained explicit margin requirements.
Discussing the Administration attitude toward silver legislation, the
Speaker indicated that the President was opposed to action pending a complete test of the silver-purchasing plan. He gave the impression that he
expected the President to veto the Dies bill, which was recently passed by
the House and is being greatly expanded in the Senate, if finally passed.
This measure was not a remonetization bill in the strict sense of the word.
as it passed the House. In that form it provided merely for acceptance at
a premium of silver in payment for farm products sold abroad, the metal
so received to be used as a base for issuance of silver certificates. The
Senate silver bloc is planning to use it, however, as a vehicle for carrying
some of its proposals in the form of amendments.
"President Roosevelt is just as much for silver as I am," said Speaker
Rainey. "He questions, however, the advisability of going ahead with
legislation just now without first letting his present silver-purchase plan
work out."
This is the plan, he pointed out, whereby, under an agreement reached
by the London Economic Conference, the five silver-producing nations, the
United States, Canada, Spain, Peru and Mexico, undertook to utilize all
newly mined silver in coinage. All of these nations except Mexico have approved the arrangement. Mr. Rainey said, and Mexican concurrence Is
expected soon. The plan further provides for an effort to Induce the sixty
nations using silver to extend that use to their subsidiary coinage.

On April 19 a "Times" Washington dispatch stated that
President Roosevelt,according to Democratic Senate leaders,
has induced the active members of the silver bloc to foster,
instead of mandatory action by Congress, legislation conferring upon him optional powers over remonetization.
In part the dispatch added:
President's Opposition Reiterated.
President Roosevelt's opposition to the Dies-Thomas bill, with its
mandatory feature, was reiterated during the day. Its advocates were
told that the President, supported by the Secretary of the Treasury and
Eugene R. Black, Governor of the Federal Reserve Board, was prepared to
reject the pending bill and, while favoring remonetization of silver at the
proper time, would exert his influence against any compulsory action.
Following the postponement of the conference and the word from the
President that his attitude had not changed,some of the leaders in informal
conferences agreed to revise the bill.

Federal Power Commission to Investigate Electricity
Rates Under Joint Congressional Resolution
Signed by President Roosevelt—Privately and
Publicly Owned Plants to Furnish Information.
A nation-wide investigation of electric power rates will be
conducted by the Federal Power Commission as a result of
passage by Congress of a joint resolution directing the inquiry and providing funds for the survey. The resolution,
which passed the Senate on Feb. 20, was approved by the
House on April 4 without a record vote. President Roosevelt signed the resolution on April 14. Senator Norris of

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Financial Chronicle

Nebraska and Representative Rankin of Mississippi (sponsors
for the resolution) were present at its signing. The President used two pens, one being given to each. Representative Rankin issued a statement in which he said:
This is the first measure of its kind ever passed in this country. Its
effect will be far-reaching. In my opinion. it will do more to bring Justice
to the consumers of electric energy than any other steno yet taken, with the
exception of the passage of the Muscle Shoals 13111.
I predict that the publicity it will give and the discriminations and excessive rates it will reveal will result in a reduction in the costs of lights
and power to the ultimate consumers of this country of not less than $50,000.0O3 a year to begin with. It may reach many times that amount.

The resolution specifies the need of "accurate and comprehensive information regarding the rates charged for electrical energy and its service to residential, commercial and
industrial consumers throughout the United States." The
Federal Power Commission will obtain data, from both privately and publicly owned plants. A Washington dispatch
April 4 to the New York "Times" described the House debate prior to passage of the resolution as follows:
In a brief debate preceding the House vote Representative Rankin
of
Mississippi, who championed the resolution, said what was sought was not
so much an "investigation" as"a compilation of rates which we should have
on hand."
The Tennessee Valley Authority and several State utility commission
want the rate investigation, Mr. Rankin told the House.
"The Edison Power Institute gives rates in various cities of several
States," he added,"but there is no comprehensive information available."
Representative Bakewell of Connecticut asked what use the data would
be to Congress.
"We should know why rates in one city are three times larger than
those in another," replied Mr. Rankin. "After all, we keep statistics on
other vital problems. We whould have them on this."
"In the case of the public utilities investigated," asked Mr. Bakewell,
"are you going to find out what their true costs are and how much they
have saved by not paying taxes?"
Mr. Rankin replied in the affirmative.

The following is the text of the resolution as passed by
Congress and signed by the President:
JOINT RESOLUTIONS
Authorizing necessary funds to conduct investigation regarding
rates
charged for electrical energy and to prepare report thereon.
Whereas accurate and comprehensive information regarding
the rates
charged for electrical energy and Its service to residential, rural,
commercial,
and industrial consumers throughout the United States is required
by the
Congress and other governmental agencies: and
Whereas no compilation of such rates and charges has
been made by any
official body: Therefore be it
Resolved 1,1 the Senate and House of Representatives of
the United States of
America in Congress assembled, That the Federal
Power Commission be.
and It is hereby authorized and directed to
Investigate and compile the
rate charged for electric energy and its service in residential,
rural. commercial. and industrial consumers throughout the United
States by private
and municipal corporations and to report on such rates,
together with an
analysis thereof, to the Congress at the earliest practicable
date. .
Sec. 2. That for the purposes of this investigation
the Federal Power
Commission Is authorized and directed to utilize, as far as
may be practicable, information relating to electric rates and rate schedules
filed with
the public service commissions of the several
States and shall have power
to require, by general or special orders, corporations
engaged in the sale
of electricity to file with the Commission, in such form as the
Commission
may prescribe, schedules of rates charged to all classes
of consumers and to
submit to the Commission reports, or answers in writing to specific
questions,
furnishing such information as the Commission may require
relative to the
sale of electrical energy and its service to consumers.
Such reports and
answers shall be made under oath, or otherwise, as the Commission
may
prescribe, and shall be filed with the Commission within
such reasonable
period as the Commission may prescribe, unless additional time
be granted
In any case by the Commission. The Commission, or its duly
authorized
agent, or agents, shall at all reasonable times have access to.
for the purpose
of examination, and the right to copy any documentary evidence relative
to the sale of electrical energy or its service to consumers by any corporation
engaged in the sale of electricity.
Sec. 3. That the President of the United States is hereby authorized
to
make available from the funds which have been or may be appropriated
for expenditure subject to his discretion the amount which, in his judgment,
is necessary for the purposes of this investigation and preparation of a report.

The following is the report on the resolution of the House
Committee on Inter-State and Foreign Commerce:
The Committee on Inter-State and Foreign Commerce. to whom was
referred the resolution (S.J.Res. 74) to investigate the rates charged for
electrical energy to residential, rural, commercial, and industrial consumers
by private and municipal corporations and to make a report to the Congress,
having considered the same, report thereon with a recommendation that
it Pass.
There is at the present time no adequate and comprehensive information
as to electrical rates, and the Congress and other Governmental agencies
have a great need for this information in measuring the charges made in
various sections of the country for both public and private power companies.
The Federal Power Commission is the best agency to conduct this investigation. It is at present engaged in a survey of the available sources of
electrical power throughout the country. This study would be closely
related to that.
It is provided that the expenditures may be authorized out of the funds
appropriated for expenditure subject to the discretion of the President,
and accordingly no special appropriation is made.

Mortgage Suits Limited to State—Court Holds Van
Schaick Alone May Bring Actions on Illegal Dividends and Waste.
A ruling that the State Superintendent of Insurance as
rehabilitator of title and mortgage companies alone has power
to bring suits against the companies and their directors for
the return of dividends alleged to have been paid illegally




2679

and other moneys alleged to have been wasted was made
April 16 by Supreme Court Justice McGoldrick. The court
accordingly dismissed suits brought by Joseph Nemerov and
others as attorneys and said the plaintiffs might intervene
in the suits brought by Superintendent Van Schaick.
Justice McGoldrick said the assertion that the plaintiffs
were creditors of the companies they sued was "beyond
question," but held that "the right to sue resides primarily
in the superintendent" and. said "he is apparently acting
with diligence."
Mortgage Heads In $37,000,000 Suit—Directors of
Three Concerns Are Accused of Causing Losses By
Improper Acts.
George S. Van Schaick, State Superintendent of Insurance,
filed complaints in the New York Supreme Court April 19
against the directors of three mortgage guaranty companies now under rehabilitation. The suits demanded an
accounting of alleged losses laid to the payment of unearned
dividends and other acts of the directors asserted to have been
improper. The total involved in the suits was put at more
than $37,000,000. The New York "Times" states:
A suit against the New York Title & Mortgage Co. and its directors
also named the Bank of the Manhattan Co. and demanded more than
$20,000.000. Transactions of the latter company were alleged to have
caused a loss of $7,000.000.
The other suits were brought against the directors of the Westchester
Title & Trust Co., from whom an accounting of more than $5,000.000 was
asked, and the Bond & Mortgage Guaranty Co., in which $12,000,000 was
declared to have been lost.
Sales of Realty Attacked.
The suits in the main allege that during 1931 and subsequently the
business of the mortgage companies suffered a serious decline and they
were compelled to foreclose on and buy in "countless" pieces of property.
Serious reductions in the liquid assets and working capital of the companies
are alleged to have resulted. after which the mortgage companies sold the
realty acquired, so far as the market would absorb it, at sums substantially
below the amount of the guaranteed mortgages.
To acquire necessary money the defendants are alleged to have sold
guaranteed mortgages on representations that they were first liens on
realty, "and that to conceal the depletion of assets and the true financial
condition" of the companies the directors advanced interest not received
and carried the items on the books as good when a large part of them were
known as "either bad or collectable only in part."
In the New York Title & Mortgage Co. case the defendants include
Harry A. Kahler, Lewis L. Clarke, Richard L. Babbage, Frederic J.
Fuller, W. Burke Harmon, Morgan J. O'Brien, James A. O'Gorman.
Robert E. Simon, Matthew Sloan, James P. Warburg, the estate of Paul
Warburg and the Bank of the Manhattan Co. The directors are alleged
to have ordered the payments of unearned dividends between 1931 and 1933.
Improper Deals Laid to Bank.
The suit alainst the Bank of the Manhattan Co.alleged that the company
bought the stock of the mortgage company in January 1930, and thereafter
controlled it. Up to December 1932, the defendant is asserted to have
represented to the public that the mortgage company was its affiliate and
that "its funds and resources would be available to safeguard and protect
the credit of the mortgage company." Although the mortgage company
applied for and failed to get sufficient money from the Bank of the Manhattan Co. to enable it to operate, the Manhattan Co. caused the mortgage
company directors to declare dividends, the complaint asserts.
In the suit against the directors of the Bond & Mortgage Guaranty Co.
in which Frank Bailey, John A. Garver and others are named it is alleged
that $4,400,000 in improper dividends were declared.
Mr. Bailey is also one of the defendants, with J. Mayhew Wainwright,
J. Crawford Stevens and others, in the action against the directors of the
Westchester Title & Trust Co., in which the "illegal, unlawful and imprudent dividends" are put at $480,000 from 1931 to 1933. These dividends
are alleged to have "largely contributed to the destruction of its business."

Death of T. D. Robinson, Former Assistant Secretary
of the Navy.
Theodore D. Robinson, former Assistant Secretary of the
Navy and for many years a member of the New York State
Legislature, died on April 10 at his home in the town of
Warren, N. Y. He was 50 years old. Mr. Robinson's
mother was a sister of President Theodore Roosevelt, and
he himself was an advocate of his uncle's political policies.
He was Assistant Secretary of the Navy in the Coolidge
Administration.
Death of Ex-Senator John J. Blaine of Wisconsin—
Former Governor Was Member of RFC.
John J. Blaine, former United States Senator and former
Governor of Wisconsin, died April 16 at his home in Boscobel, Wis., of bronchial pneumonia, with which he was
stricken about the week previous. Mr. Blaine was a member
of the Board of the Reconstruction Finance Corporation. He
was 58 years old. Associated Press accounts from Boscobel,
on April 16, said in part:
Mr. Blaine, a Republican, became ill while attending a conference of
Reconstruction Finance Corporation officials in Madison on April 7. He
returned to his home here the next day, and was ordered to bed. . . .
Since his appointment to the Reconstruction Finance Corporation Mr.
Blaine had passed most of his time in Washington. He returned to Wisconsin several months ago and had been mentioned as a possible candidate for
Governor at the next election.

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Financial Chronicle

The New 'York "Times" of April 17 commented on his
career in part as follows:
Former Senator BlaMe, author of the resolution which brought about the
repeal of prohibition, was known as an insurgent, a "bolter," an independent Republican, and one of the most interesting characters among the
national legislators.
After years of identification with the independent La Follette group of
Wisconsin, he was defeated by the conservative wing of his party in the
same year, 1932, that the country went almost completely for President
Roosevelt and his now policies.
President Roosevelt appointed him a Member of the Board of the RFC
In June 1933, and since then the former Senator had been active in Washington and in the politics of his own State.
The name of the former Senator was brought before the public most often
In recent years by his hard fight to bring about repeal. His resolution,
which passed the Senate on Feb. 16 1933, was later passed by the House
and then presented to the several States.
With an independence that rivaled that of Senator La Follette, whose
leadership he acknowledged, he rode through the stormiest period of
political history in Wisconsin. He eventually won a seat in the United
States Senate, and after the death of Senator La Follette shared with
the latter's son the leadership of the State Progressive party machine.

April 21 1934

"Meanwhile, other naval powers, their own needs correctly in view, far
outstripped us—while remaining always within the treaty limitations. By
balanced programs of new and replacement construction they have so
ordered their affairs that their establishments, already approximating
treaty strength, will in all probability realize it entirely by 1938."
Calls Disarming Fantastic.
Thanks to the limitations placed upon the naval powers by treaties,
Mr. Roosevelt said, an unlimited naval race is out of the question. However, he dismissed as "too fantastic to be taken seriously" the question of
complete disarmament and declared an inadequate navy to be "just as
useless as no navy at all."
Both Colonel Roosevelt and Secretary Dern, who preceded him on the
evening prggram, maintained that army and navy officers were "really
practical pacifists," and that peace advocates should unite with them in
"fighting the common foe."

Merchants' Association of New York Declares Against
Unemployment Insurance—Opposed to Bills Pending at Albany to Establish Compulsory Unemployment Reserves—Would Place Ill Advised Financial
Burdens on Business—Wagner-Lewis Bill in Congress Also Disapproved.
On April 17 the board of directors of the RFC adopted
On the ground that unemployment insurance legislation
a resolution expressing "for itself and for all of its personnel, their deep and abiding sorrow in their great loss." at this time would be a costly experiment which is certain to
add extravagantly to public expenditures, the Merchants'
In part, the resolution said:
Association of New York announced on April 16 its opposiPrior to his [Mr. Blaine's] appointment to this Board by President
Roosevelt, his distinguished services to his State as Attorney-General and
tion to the three bills pending at Albany to establish comas Governor, and to his nation as a Senator of the United States, had right- pulsory unemployment reserves.
fully earned for him an outstanding position as a leader whose highest
Figures prepared by the Association's Committee on
interest was in the preservation and perpetuation of the ideals of American
democracy; . . . because of his distinguished service, and of his
Industrial Relations, obtained from both England and
unusual ability, he brought to the position as Director of the RFC a melGermany, are said to show that insurance plans failed in
lowed philosophy, an understanding of human nature and human needs, a
their purpose in both countries throughout the continuing
broad comprehension of the economic and social problems involved in the
work to which he was called by the President, and above all a charm of
depression. The Association took the view that any unpersonality that endeared him to all of the directors and members of the
employment insurance plan should be regarded as a reconorganization with whom he came in contact.
struction effort and that for the time being effort should be
concentrated on accelerating recovery. Action in opposition
Death of Edwin V. Morgan, United States Ambassador
to the bills was taken by unanimous order of the Association's
to Brazil for 20 Years.
Board
of Directors who also gave instructions to oppose the
Edwin V. Morgan, former United States Ambassador
to Brazil, died suddenly at his residence in Petropolis, Wagner-Lewis unemployment insurance tax bill now pending
Brazil, April 16. He was 69 years old. Mr. Morgan in Washington. A communication, addressed to the Chairserved as American envoy to Rio de Janeiro for 20 years, men of the Committees that were studying the Byrnebut resigned the post during the present Administration. Condon, Steingut-Mastick and the Hanley-Ehrlich bills in
He returned to Brazil in February, planning to retire from Albany, set forth the conclusion of the Directors as follows:
New York State's past independent pioneering activities in social legisactive life. While in the American foreign service he had lation, while commendable
in many respects, have already produced discriminatory
been assigned to Korea, Cuba, Paraguay, Uruguay, and
differentials between the cost of doing business in New York
States. We can see no justification for
and
such
neighboring
costs
in
Portugal. His 20 years as Ambassador to Brazil was a deliberately
increasing those differentials at this time by continuance of
record for the American diplomatic service.
such pioneering.
President Roosevelt Praises Ideals of D. A. R.—Assistant Secretary of Navy Roosevelt Assails Policy of
Previous Administrations—Secretary of War Dern
Denies Militarist Spirit in Army.
A tribute to the Daughters of the American Revolution
was paid by President Roosevelt in a message read at the
P. A. R. convention in Wasbington, April 16. The President said that "no body of American citizens could be more
steadfast in their support of our ideals of liberty and of
progress than are the Daughters of the American Revolution." Henry L. Roosevelt, Assistant Secretary of the Navy,
speaking at the same session, charged that every Republican
Administration since the World War has neglected the navy,
and said that the present Administration is only trying to
build up the navy to the strength "allowed and sanctioned
by solemn treaties with other countries." Secretary of War
Dern, in another address, denied that army officers foment
conflict and said that instead they are "practical pacifists."
The text of President Roosevelt's message follows:
The patriots of the Revolutionary period handed down to their successors
and to us the noblest heritage which Divine Providence has entrusted to any
people. The extent of their achievement sometimes veils from us a full
understanding of their distresses and their difficulties and tends to obscure
our vision of the unconquerable spirit of the time, the spirit of the birth
of America. Let us keep in mind not only what those men and women
did but also how they made their very obstacles a part of their success.
What we are doing for these years and for our future is the same task
In mind as that of our fathers; it holds the same necessity of devotion
to the common weal; under new conditions and with an empire of country
and of people, we are to keep assured a land of equality of freedom; this is
the sacred charge which is ours; this is our noble burden.
Well do I know that no body of American citizens could be more steadfast in their support of our ideals of liberty and of progress than are the
Daughters of the American Revolution.

Unemployment insurance reserve plans which provide weekly benefits
of 815 for a maximum of 16 weeks in any year will, at best, furnish only an
economic bridge over which the worker may pass from one Job to another
during periods of mild unemployment. They cannot relieve depressional
unemployment nor can they prevent it and depressionsl unemployment is
the type of unemployment which has been the most distressing problem.
Scientific research has demonstrated that the risk of unemployment is
definitely not insurable in the same sense that the risk of death or old age
can be covered on an actuarial basis. The chief reasons for this are that
the risk of unemployment is definitely unpredictable and that the contingency of unemployment may occur and, in fact, during the last four
years has occurred, to too large a porportion of the population simultaneously. The course of unemployment from 1920 to 1930 is no criterion of
what will be experienced between 1930 and 1940.
It should be borne in mind that if compulsory legislation is enacted,
setting up certain reserves which prove to be inadequate to provide the
disbursements under the law and the fund becomes exhausted, the chances
are strong that unemployed workes will turn to the State and demand that
it continue payment of benefits to those persons who continue to be or in
the future may become unemployed. The possibility of such a condition
is not remote in view of the experience of the plans which have been tried
out abroad. Records will show that in January 1931. 81% of unemployed
workers in England were receiving insurance benefits and 16% were on the
dole. In January 1934, 43% were receiving insurance benefits and 42%
were on the dole. In Germany in January 1931, 49% of unemployed were
receiving insurance benefits and 15% were receiving doles. In January
1934, but 15% were receiving insurance benefits and 31% were on the dole.
In the light of the foregoing, it is obious that the legislation in question
would constitute an experiment, the costs of which, while unknown, are
certain to exceed those set forth in the measures themselves. Such an
experiment, if tried at all, should be regarded as a reconstruction effort.
To undertake it now, when every effort should be bent toward
accelerating
recovery rather than reconstruction, is to place additional, destructive and
ill-advised financial burdens upon New York State's business enterprises at
a time when those enterprises are least able to assume such burdens.

Opposition to New York Compulsory Insurance Bill
Voiced in Telegram Sent to Governor Lehman
by State Chamber of Commerce.
Strong opposition to the New York State compulsory
unemployment insurance bill was voiced on April 19 in a
A Washington dispatch, April 16, to the New York "Times" telegram sent
to Governor Lehman by the Chamber of
summarized the speeches by Mr. Henry L. Roosevelt and Commerce
of the State of New York. The telegram was
Secretary Dern in part as follows:
based on an interim report of the Committee on Internal
"The indifference from which the navy suffered through the three previTrade and Improvements, which attacked the proposed
ous Administrations left it dangerously weak in many important aspects,"
Mr. Roosevelt told the Daughters. "Although its strength had been fixed, legislation as objectionable on social, political and economic
in the course of international agreements, at the lowest figure held to be
grounds. The Chamber at its April meeting last year
consistent with national security, those in authority had not only failed to
unanimously adopted a report opposing bills then in the
provide ships in the deficient categories but had further failed to authorize
Legislature making it compulsory upon employers to create
the replacement of existing units when such vessels passed their term of
usefulness and grew obsolete.
unemployment reserve funds. This year's bill is similar,




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2681

except it is based solely on the State fund principle and is
modeled after the State Workmen's Compensation Law.
The report, made public April 19, said:

Washington dispatch April 17 to the New York "Times"
summarized the testimony before the House committee on
that date in part as follows:

While your Committee on Internal Trade and Improvements appreciates
the humane purposes behind this measure, it believes that numerous social,
political and economic reasons make this legislation objectionable. As
pointed out in the Chamber's 1933 report, politics would soon vitiate this
form of relief. The State has over one million wage earners in manufacuring alone, and over five and one-half million in all gainful occupations.
Their political pressure would be irresistible.
Furthermore, the 3% tax would operate like a general sales tax on commodity prices, the tax being pyramided by its addition to each successive
turnover of the article. Employers who could not pass the burden on to
the consumer would be at a serious disadvantage in competition with other
States; and industry and business in many fields would tend to migrate
to other jurisdictions. Manufacturers also contend that this tax would
hinder re-employment, reduce the employment of older men,and discourage
the employer from raising wages.
At best, the reserve could only aid seasonal or purely temporary unemployment. In foreign countries unemployment insurance has not been a
factor in easing the depression; all the plans have been unsuccessful', and
the governments have made large advances to meet the deficits. The
system is now commonly called the dole, and is considered to lower the
recipient's efficiency most materially.
The combined burden of Federal, State and local taxes is now the highest
in the history of the nation, and this is no time to further increase this load.
The probable effects of this so-called "unemployment insurance" would
be detrimental not only to the employer and the consumer, but also the
employee.

Every witness, and they Included all who attended the dinner where.
Dr. Wirt testified, the disclosures were made, swore that Dr. Wirt himself
did practically all the talking, and that it was almost impossible for any
of the others to interject a word into the discussion. In other words, as
Miss Mary Taylor, one of the witnesses, pictured the occasion, "it was a
monologue" with Dr. Wirt in the solo role.
The proceedings before the House committee to-day began at 10 o'clock
and lasted four hours. Dr. Wirt entered the room with Senator Reed.
The witnesses, Miss Hildegardge Kneeland of the Bureau of Economics.
Department of Agriculture; Miss Alice Barrows of the Bureau of Education,
Department of the Interior; Miss Mary Taylor of the Agricultural Adjustment Administration; Laurence Todd of the Soviet-owned "Tess" News
Agency, David Cushman Coyle of the PWA and Robert Bruere of the
NRA, trailed Chairman Bulwinkle. These were the five who made up.
with Dr. Wirt, the dinner party at which the plans of the "revolutionists"
were disclosed, according to the testimony of Dr. Wirt.
Miss Barrows,the hostess of the dinner party, was the first witness. . . .
Answering questions by Mr. Bulwinkle and Mr. O'Connor of the Democratic membership of the committee, Miss Barrows said that she had
"listened in" from start to finish and declared that at no time did she hear
the names of Dr. Tugwell. of Kerensky, Stalin or even the President mentioned, so far as she could recall. If they were, she indicated, Dr. Wirt
must have been the one who did it, since, she said, he did practically all
the talking.
Concluding her direct examination Miss Barrows declared that none of
the "Kerensky" or "Roosevelt in the middle of a swift stream- or talk
Involving the "overthrow of the established order in America," which Dr.
Wirt had charged featured the after-dinner discussion, had taken place... .
Taking the record of Dr. Wirt's testimony, Mr. O'Connor read in order
each of the revolutionary utterances credited to Miss Kneeland by Dr.
Wirt. In every instance she declared the statement was untrue and that
nothing of the kind had been said by her. Miss Kneeland said that she
could not have quoted Dr. Tugwell, since she had never read a book or
other article of his authorship.
Dr. Wirt had testified that Miss Kneeland continually quoted from the
writings of Dr. Tugwell. . . .
Miss Kneeland also denied that she had, as Dr. Wirt had claimed,sought
to give him the facts behind "the main idea," as the alleged revolutionary
program was described by the professor.
Miss Mary Taylor was next. . . .
So far as the after-dinner discussion was concerned it was, said Miss
Taylor, a monologue and Dr. Wirt was the monologist.
"The statements made by Dr. Wirt as to what transpired following the
dinner were untrue," said Miss Taylor,
Laurence Todd, correspondent of the Soviet-owned Tass News Agency,
frankly admitted he had been for many years a Washington correspondent
for radical publications. For the past few months he has been the reprosentative of the Toss Agency, which he described as "the A. P. of Soviet
Russia."
As did the others, he denied there was any truth in what Dr. Wirt said
when he charged Mr.Todd with referring to the President as the "Kerensky
of this revolution," and that those behind the alleged movement to overthrow the established order were holding the President in the middle of a
swift stream until the time came for a Stalin to appear.
No such statement, Mr. Todd said, had been made by himself or any of
the others who "listened in" while Dr. Wirt was talking.
"It was a most wearying experience," said Mr. Todd.
Mr. Bruere and Mr. Coyle were called last. Neither figured to any
extent in Dr. Wirt's testimony. Both declared they had heard none of the
things charged by Dr. Wirt. Mr. Coyle added he was able to so testify
because "he had been able to remain awake" during the three hours Dr.
Wirt was talking.

William H. Coverdale is Chairman of the Committee that
sponsored the report, which was also signed by John F.
Fowler, Eustis L. Hopkins, James J. Maguire, John P. H.
Perry and Thomas F. Woodlock. The report will be acted
upon by the full membership of the Chamber at the next
meeting on May 3.
Armistice Day Made Legal Holiday in New York State.
Armistice Day will henceforth be a legal holiday in New
York State, following Governor Lehman's action April 11
in signing the Hayes bill. New York is the 30th State
to make Armistice Day a legal holiday.
Liquidating Distribution of $6,166,500 to Be Made
April 30 by RCC—Will Bring Total Repayments
to $14,038,600.
Railroads which borrowed from the fund administered
by the Railroad Credit Corporation have anticipated their
maturities to such an extent that the Corporation will,
on April 30, repay approximately $5,166,500 to participating
carriers, of which $2,335,000 will be in cash to non-borrowing
'carriers and $2,831,500 will be in credits on obligations of
borrowing carriers. This repayment, said an announcement issued April 16 by E. G. Buckland, President of the
Corporation, amounts to 7% of the emergency freight
charges contributed to the pool, and will be in lieu of the
1% distribution announced March 15. It will bring the
total distributions to $14,038,600, or 19% of the net contributions, which aggregated $73,887,600.
In our columns of April 7, page 2343, we referred to the
Corporation's monthly statement for March, which said
that a repayment of only $735,000 would be made on
April 30.
Dr. W. A. Wirt's Charges of Alleged Activities Toward
Overthrow of Social Order Termed False by Witnesses Before House Investigating Committee.

Six persons who attended a dinner party last September
at which Dr. William A. Wirt of Gary, Ind., charged he
had heard conversation indicating that a group within the
Government was planning the overthrow of the American
social order, testified before a special committee of the
House of Representatives April 17 and denied the truth of
the educator's statements. All six witnesses agreed, according to press accounts from Washington, that they had been
unable to talk much during the evening in question because,
they said, Dr. Wirt had monopolized the conversation with
a discussion of inflation and currency expansion.
Previous reference to Dr. Wirt's charges was contained in
our issues of March 31 (pages 2188-89) and April 14 (pages
2512-13). After the conclusion of the testimony on April 17,
some members of Congress were reported as considering a
move toward Dr. Wirt's indictment on the grounds of
alleged perjury, but Representative Bulwinkle, Chairman of
the House committee, said that in his opinion Dr. Wirt
could not be cited for perjury. On the preceding day
(April 16) Mr. Bulwinkle apologized on the floor of the
House for an earlier statement in which he said that Dr. Wirt
had been imprisoned during the World War because of proGerman activity. Mr. Bulwinkle said he had later learned
that the statement was false.




A

Governor Langer of North Dakota Indicted—Charged
with Forcing Political Contributions from Federal
Employees in State—Eight Others Accused Incident to Publication of Political Paper.
A United States Grand Jury at Fargo, N. D., on April 16
indicted William Langer, Governor of North Dakota,
together with eight other persons who, it is alleged, were
charged with forcing political contributions from Federal
employees in North Dakota. The charges had to do with
the publication of "The Leader," a political newspaper
founded about a year ago and supporting the Administration
of Governor Langer, who has announced that he will be a
candidate to succeed himself in the June 20 primary election
for nomination on the Republican ticket.
Associated Press advices from Fargo April 16 summarized
the charges as follows:
The indictments were returned late to-day as the climax to a week's
session of a Federal Grand Jury after Government agents had worked
several weeks gathering evidence. Previously, Governor Langer, who was
elected as a non-partisan leaguer, had been removed by Relief Administrator Harry Hopkins as State Relief Administrator. At that time Washington officials asserted preliminary investigation had revealed relief workers
were compelled to contribute to the support of "The Leader," Langer
administration newspaper. The Governor then termed the charges
politically inspired.
Others named in the indictments, which charge conspiracy to violate
Federal statutes, are Oscar Chaput, business manager of "The Leader";
State Senator Oscar Erickson, listed as publisher of the paper; State Highway Commissioner Frank A. Vogler; Harold McDonald, solicitor for the
paper; R. A. Kinzer, Joseph Kinzer, Paul J. Yeates and G. A. Hample.
One of the offenses alleged was violation of the statute making it an
offense for one Federal employee to solicit funds from another for political
purposes.
Those indicted face trial at the next term of Federal Court in Bismarck.
P. W. Lanier, United States District Attorney here, issued a statement
saying a second indictment charges the defendants "with conspiracy to
interfere with the proper administration of an Act of Congress."
"After a long drawn-out and careful investigation a Federal Grand Jury
has returned indictments of such importance, both from the standpoint of
the general public and the parties involved, that trials should be had as
speedily as possible," Mr. Lanier added. "It is the purpose of my office
to press these cases to trial juries not later than the latter part of May."

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Financial Chronicle

The conspiracy charges carry a penalty of not more than two years in
the Federal penitentiary or a fine not to exceed $10.000. or both.
The Kinzers and McDonald already have been arrested and are at liberty
under $2,500 bond each pending trial at the next term of Federal Court in
Bismarck. Warrants for the others will be issued within a day or two and
placed In the hands of Osmund Ounvaldsen, United States Marshal, for
service.
The KInzers and McDonald. according to an announcement last week
by Federal authorities, are charged with violation of the penal code section
which prohibits solicitation of funds in a Federal building for political
purposes. R. A. Kinzer, it was said then, also is charged with violating
a section which makes it unlawful to discharge, promote or in any way
change the rank or compensation of a Federal employee for not contributing to a political fund.
Mr. Lanier said he would recommend the same bond for those who have
not yet been arrested as was set for the Kinzers and McDonald.

cretary Wallace Offers Program for Milk Control
Output Would Be Reduced at Least 10% and
Farmer Reimbursed from $165,000,000 Processing
Tax—New York and New Jersey Officials Oppose
Plan.
A nation-wide program for Federal control of milk production was outlined by Secretary of Agriculture Wallace
April 2 at a regional meeting of dairymen in Philadelphia.
The plan would include a processing tax to raise a fund of
$165,000,000 to reimburse the farmer for reducing his sales.
The farmer would be required to agree to reduce 10% for one
year the sale of surplus milk marketed for manufacture into
cheese and butter, with a possible reduction of 20% if the
smaller figure did not prove adequate. Opposition to Mr.
Wallace's proposal was expressed by State officials of New
York and New Jersey.
Mr. Wallace, in his speech at Philadelphia, April 2, said
in part:
I think we must look forward to more and more reliance upon voluntary
co-operation among farmers, and view proposals for regimentation with
skepticism, at least until experiment proves their worth.
While the instruments of the benefit payment exists to help the Government assist the farmers in organizing, it seems important that the producers should organize themselves now, so that they may be able better
to grapple with their problems in the future when the time comes that the
Government may not be able to afford immediate help, and when the
producers will be left more to their own organizations and own devices.
The Federal Government, through the Emergency Relief Corporation,
and to some extent with the co-operation of the Agricultural Adjustment
Administration, has been purchasing and distributing considerable quantities of beef, pork, butter and other food products. These products were
purchased with Federal funds and distributed to needy people who are on
relief. This was the Federal Government's attack upon the paradox of
surpluses on one hand and human need on the other. I think we have
gone far enough to demonstrate that while this Administration is in command people are not going to be permitted to starve in this country in
the presence of plenty.
Now, should this operation be substantially expanded through some sort
of a stabilization pool?
What would be the reaction of American farmers and the general public
to a proposal to extend substantially relief purchases of dairy products?
What would be the opinion if such extension were proposed to be financed
by processing taxes on dairy products?
The dairy program which we are discussing certainly does not pretend
to offer any miraculous return of prosperity to the dairy farmer. Its
$150,000,000 proposed benefits are, after all, a moderate offering to an
industry whose annual income fell 880 million dollars from 1929 to 1932.
But, even so, the plan has encountered resistance, and I do not know
that I assent to the proposition that it is incumbent upon the dairy
farmers to forego moderate control over their production for the temporary
benefit of the rest of society while industrial elements in that society maintain firm control over production and do curtail production of necessities
in order to maintain industrial prices.
The argument against the evils of curtailed output might much better
be made against an industrial policy which has permitted such curtailment of industrial production, for the sake of maintaining prices and
profits, as to throw 12,000,000 people out of work and thus undermine our
whole agricultural structure.

A Philadelphia dispatch, April 3, to the New York "Times"
noted opposition to Secretary Wallace's proposals as follows:
Opposition to the program reached its climax with a threat that New
Jersey might seek an injunction if the Federal Government sought to
enforce the plan in that State. William B. Duryea, New Jersey Secretary
of Agriculture, was particularly critical of Secretary Wallace's request
that farmers reduce by 10% or more for one year their surplus milk sold
to manufacture products such as cheese and butter.
"It would be difficult for us to sell a reduction program in New Jersey,"
said Mr. Duryea, "especially since we produce only 40% of what we use.
"I feel that if the Government pressed this program there would be a
request for an injunction against its enforcement in New Jersey. I firmly
believe that Eastern fluid milk markets and similar markets in other parts
of the country cannot be considered together."

Associated Press Syracuse, N. Y., advices, April 6, described further opposition to the plan in part as follows:
State officials of the milk control division to-day took the lead in opposition to the Federal Government's dairy adjustment program in so far
as it calls for a reduction of herds and a curtailment of production.
Leaders of distributing organizations and produters' groups joined with
Commissioner Charles H. Baldwin of the State Department of Farms and
Markets and Henry S. Manley, counsel to the milk control division.
Dissatisfaction with the production phase of the Washington plan developed before Government executives completed their explanation of the
program at to-day's conference with dairymen.
Washington's attitude toward dairy relief was expressed by V. A.
Christgau, Assistant Administrator of the AAA; Roger B. Corbett and
H. W. Hochbaum.




Ap-'1 21 1934

Mr. Christgau, a former Minnesota Representative, asserted that the
dairy problem "is the most complex and most difficult we have undertaken."
"The dairy industry cannot be divided along States lines," he said, "and
for that reason all producers and distributers, where‘er they may be in
the United States, are affected by surpluses and other d,pressing factors."
Mr. Corbett explained the adjustment plan in detail. It calls for a 10%
reduction in butterfat production to be based on 1932-33 averages. The
processing tax, to be paid by the manufacturer to the internal revenue,
will be 1 to 5c. a pound on butterfat. There would be a compensating tax
on oleomargarine.

Federal Court in Chicago Upholds Power of AAA to
Fix Milk Prices—Cites Recent Opinion of United
States Supreme Court.
The right of the Agricultural Adjustment Administration
to regulate the milk industry by means of a fixed schedule
--of,prices at which milk must be bought from farmers was
upheld April 14 by Judge William H. Holly in a Federal
Court of Equity at Chicago. The AAA planned to use the
decision immediately in an effort to end the milk price war
In the Chicago area. Judge Holly issued a temporary injunction restraining Lloyd V. Shissler, dairy operator, and
the Peoples Dairy of Cicero from continuing business in
violation of terms of the AAA milk license for the Chicago
area. We quote in part from the court's ruling, as given in
the Chicago "Tribune" April 15:
In his memorandum the Judge held in effect the United States Supreme
Court, in a recent decision involving milk price fixing by the State of New
York, had upheld the power of the State to fix prices in an emergency.
He also ruled that high court opinions in other cases have upheld the right
of Congress to legislate in emergency cases, and to regulate inter-State commerce.
Cites Congress' Power.
"It is insisted by defendants that the Agricultural Adjustment Act is invalid," stated Judge Holly. "The defendants say it is beyond the power
of Congress, in the exercise of the power granted to it to regulate inter.
State commerce, to fix the price at which a commodity may be bought or
sold.
"But the power granted to Congress to regulate inter-State commerce by
clause 3, section 8, of article 1 of the Constitution has no limitations other
than those that may be found in the Constitution itself. Except as prohibited by some other provisions in the Constitution, Congress has complete
and arbitrary power."
The Judge looked up, smiled, and interpolated he perhaps should have
used the word "unlimited" instead of "arbitrary."
The only other Constitutional limitation of the powers of Congress, said
Judge Holly, is that in the Fifth Amendment which provides that no
person shall be deprived of life, liberty or property without due process
of law.
Upholds AAA Authority.
After reviewing the elements in the case before him, and citing the recent
Supreme Court decision in the New York milk price fixing case, the Judge
said that "I am compelled to hold that the Secretary of Agriculture has
authority to fix the price of all milk produced and sold in the Chicago
sales area whether it is produced in another State and transported into
Illinois or produced and sold within the State."

United States Appeals Court Upholds AAA Marketing
Agreement for Florida Citrus Crowers—Dissolves
Injunction Against Control Agency.
The United States Fifth Circuit Court of Appeals at New
Orleans on April 14 revoked an injunction restraining the
control committee for the citrus growing industry of Southern Florida from enforcing its regulations restricting the
shipment of certain varieties of oranges and grapefruit, and
in its opinion said that the Agricultural Adjustment Administration marketing agreement for Florida citrus growers
was "legal." When the injunction was originally granted
against the control committee, an agency of the AAA, Judge
Alexander Akerman of the United States District Court for
Southern Florida had held that certain sections of the Agricultural Adjustment Act were unconstitutional. The New
Orleans "Times Picayune" of April 15 quoted from the Appeals Court opinion in part as follows:
In setting aside the injunction the Circuit Court of Appeals said:
"We think the District Court erred. The question of the constitutionality of the Agricultural Adjustment Act or any action shown by the record
to have been taken under it, is not, in our opinion, properly presented for
judicial decision."
Agreement Signed.
The decision was handed down in a suit filed by the Hillsborough Packing Company and the Lake Fern Groves, Inc., against I. A. Yarnell, chairman of the Florida control committee.
The Hillsborough company admitted it had signed the marketing agreement which it sought to enjoin but asserted this had been done under
duress and through coercion. The Lake Fern company did not sign the
agreement and asserted it would suffer a "total loss" of 75% of its midseason grapefruit and oranges if it was prohibited from shipping the fruit,
which totaled 10,000 boxes.
Judge Akerman granted the injunction on the grounds that sections of
the Agricultural Adjustment Act complained of and the means adopted
for their enforcement by the marketing agreement licenses, orders and
penalties were unconstitutional and void.
"Inasmuch as the District Court did not acquire jurisdiction over the
Secretary of Agriculture, it was powerless to enjoin the suspension or revocation of any license issued by him or the enforcement of any fine or
penalty resulting from orders which, under the act, only he can make,"
the decision read.

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Financial Chronicle

The opinion reviewed provisions of the Agricultural Adjustment Act and
the marketing agreement for prorating, allotting and restricting interState shipments.
Validity Not Assailed.
"The act provides that such agreement shall be lawful notwithstanding
the antitrust laws," the opinion continued. "The validity of that provision is not assailed, and so the marketing agreement, being legal, is enforceable, even though other provisions of the act may be invalid.
"The excuses made by the packing company for signing the agreement
fall far short of showing coercion or duress. It is a voluntary party to
a valid agreement. The bill as to it should be dismissed. The case of the
Lake Fern Groves stands a little different in that it did not sign the
marketing agreement, but the injunction was improvidently granted."
The opinion asserted that the control committee has no power to enforce its orders but may only report violations to the Secretary of Agriculture, but said the committee might go farther than it has yet done and
"assume authority directly or as the agent of the Secretary of Agriculture."
"In order to provide against such a contingency and to enable the Lake
Fern Groves to apply for relief promptly, we hold that it is proper for the
District Court to retain its bill of complaint for necessary future amendment."
The opinion was written by Judge Nathan P. Bryan and signed also
by Judges Sam H. Sibley and Joseph C. Hutcheson, Jr.

Celery Marketing Agreement Tentatively Approved
by Secretary Wallace.
Secretary of Agriculture Wallace. announced on March 24
that he had tentatively approved and sent to contracting
shippers for signature 'a marketing agreement to improve
returns to Florida celery growers. Associated.Press advices
from Washington, on March 24, said:
The agreement seeks to establish orderly marketing through proration of
shipments.
A control committee would be authorized to determine requirements and
regulate the shipments with the view to bringing the best price to producers
without unduly increasing consumer costs.
Whenever necessary to improve returns to growers, the volume of celery
to be shipped would be prorated equitably among shippers and growers.
The proration would be based on the production they had available for market
when the plan was made effective. Shippers and growers would comprise
the control body.
The agreement also contemplates national proration of shipments between
Florida and California.

Marketing Agreement for California Date Shippers
Approved by Secretary Wallace.
Tentative approval by Secretary of Agriculture Wallace
of a marketing agreement for California date shippers was
reported on March 7, at which time it was stated that the
agreement had been submitted to industry members for
signature.
With regard to the agreement, it is stated that improved
returns to growers through establishment of a uniform
schedule of minimum prices is sought in the pact, which was
drafted by the date industry in co-operation with the AAA's
general crops section. The following further advices from
Washington, March 7, are from the New York "Journal of
Commerce":
Under provisions of the tentative plan, shippers would elect a Control
Committee with authority to establish a schedule of minimum prices. The
Committee would, on the basis of market factors, allow such quantities of
dates to be sold as would bring the largest returns to growers. When the
plan is put into operation the Committee would present estimates of the
quantities of dates to be marketed, and the minimum prices of dates to be
sold in the ensuing month.
Adjustment of these prices by the Secretary of Agriculture is privileged,
ii such action is deemed necessary to effectuate purposes of the agreement.
Minimum prices specified by the pact are listed as f.o.b. Imperial or
Riverside Counties, California. On "proper showing" by a shipper, however, the Committee may permit dates to be offered for sale on a delivered
basis at prices equal to minimum prices, f.o.b., plus the average freight
charges to any defined zone and plus the average cost of delivery to
distributors within the zone to which the dates are shipped.
Crop Control Plan for California Rice Approved by
Secretary Wallace — Marketing Agreement for
Southern Rice Industry Signed.
A Crop control plan for California rice, which would limit

annual output to less than 3,000,000 bags, was approved on
April 16 by Secretary of Agriculture Henry A. Wallace.
According to Washington advices, April 16, to the New York
"Journal of Commerce" the approval followed a declaration
of the California Rice Crop Control Board that a plan to
curtail production in 1934 should be placed in operation
under the provisions of the marketing agreement for the
California rice industry, entered into last fall by all rice
millers and a number of growers' associations. The advices
continued:
Survey Is Proposed.
According to provisions of the agreement, the Board is required to make
a survey of planting intentions before each season. Should their fisdings
Indicate that more than 3,000,000 bags of rice will be produced, an acreage
restriction plan may be declared in effect, subject to the approval of the
Secretary of Agriculture.
From statements of growers, the Board has ascertained that the total
capacity for rice production during the coming season is 4,404,000 bags.
Thus a reduction sufficient to curtail production by 1,404,000 bags will
be necessary.




2683

The amount of reduction required, translated into acreage, will be prorated to producers on the basis of their average production during the
base period 1929-33, inclusive.
Terms of Benefits.
tirowers under the agreement who contract to restrict their 1934 acreage
and production by the desired amount will in return receive benefit payments equal to 40% of parity, or the "Secretary's price" of $3.60 per
hundredweight, basis of extra fancy, clean Japan California rice, f.o.b. San
Francisco. This benefit is an addition to the minimum prices guaranteed
growers by the agreement, which is placed at 60% of the Secretary's price.
Contracting growers will receive at least the minimum price on sale of
their rice. Millers have agreed to set up a trust fund into which they will
pay the remaining 40% of the Secretary's price which is to be distributed
to participating growers.
Growers who do not contract to receive allotments and quotas for reduction of the crop will receive the minimum price set up under the agreement but will not be eligible to participate in any benefits out of the
trust fund.

The signing of a new marketing agreement for the Southern rice industry, designed to provide parity prices for the
1934 crop to farmers who co-operate in the crop control
features of the agreement, has been signed by Secretary of
Agriculture Wallace was indicated in Washington advices,
March 7, to the New York "Journal of Commerce," in which
it was also stated:
The new agreement is similar to the pact which became effective Oct. 16

1933, although the former provides a crop control plan while the latter
did not.
Plans for curtailing acreage and production by 20% of the average of
the five-year period, 1929-33, inclusive, through acreage allotments and
production quotas for individual producers, are contained in the new agreement. Arkansas, Louisiana and Texas are covered by the pact.
To Get Payments.
Texas, producers have elected to receive individual allotments and quotas
on the basis of their three-year, 1931-33, average, and will be required
to
reduce production by 22%. It is pointed out that this reduction
amounts
to exactly the same in acres and units of production as if Texas
growers
were to use the five-year period as a base and reduce by 20%, as
growers
in other States are doing.
Growers who contract with the Secretary of Agriculture to restrict
their
rice acreage by 20%, and to restrict their marketings from
the allotted
acreage to the average of such acreage for the base period,
will receive in
return benefit payments equal to 40% of parity, or the "Secretary's
price,"
from the trust fund which the rice millers have agreed to
establish. This
benefit is in addition to the 60% growers are to receive when
they market
their production.
A Control Committee, consisting of representatives
from the three States,
will administer the marketing fund.
The minimum prices to producers in the agreement
are fixed by the
Secretary for number one grade, prime A milling
quality for each variety,
end the millers are to compute minimum prices
for other grades in
accordance with a schedule of differentials based upon
United States standards for rough rice.
Millers agree, also, not to sell domestically for less
than actual cost o;
the rough rice delivered at the mill, plus
conversion coat, the cost of the
container, and the marketing fund charge. Certain
terms of sale and
brokerage are also established in the agreement.
Federal

Court Restrains Secretary of
Agriculture
Wallace from Reducing Commissions Charged
on
Livestock.

A temporary injunction, restraining Secretary
of Agriculture Wallace from enforcing his recent order
lowering the
rates charged by live stock commission houses to
farmers
whose stock they sell, was issued April 19 in Chicago
by
Federal Judges Samuel Alschuler, James H. Wilkerson
and
Yohn P. Barnes. The order, which provided an
average
reduction of about 30%,had been issued by Mr. Wallace
in
his capacity as Administrator of the Federal Stockyards
and
Packers' Act. Associated Press advices from Chicago
April
19 added the following regarding the decision:
The new rates,scheduled to become effective to-morrow, were ordered by
Secretary Wallace after a hearing on complaints from the American National Livestock Association that the fees were unreasonably
high. The
order was appealed by 160 commission firms.
The Judges ordered the firms to deposit with the clerk of the
Federal
Court sums equal to the difference between the commissions now
charged
and those that would have been effective under Secretary
Wallace's order.
Those sums will be retained by the court until final disposition of the case.
The commission firms argued that enforcement of the new rates
would
be unfair to them, and that they would cause a decrease in employment
by
commission houses.
Government attorneys replied that Mr. Wallace had modified an original
order so that the reduction would aggregate only $500,000
a year,instead of
$1,000,000 as provided by the original order, and declared that the
Secretary
had been liberal in his findings, arrived at after extensive
hearings.

Secretary Ickes Orders Condemnation Proceedings to
Obtain Land for Federal Low-cost Housing Project
—Acts as President of FEHC to Obtain Property
in Atlanta, Ga.
Secretary of the Interior Ickes announced April 14 that
In his capacity as President of the Federal Emergency
Housing Corporation he would exercise his authority to condemn
land for use of a university housing project in Atlanta, Ga.
Mr. Ickes said that this action will be the first undertaken
by the Public Works Administration to expedite a
project
of the Government's low-cost housing program which has
been retarded by failure to acquire land by negotiated pur-

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chase. In the future, he said, the FERO will condemn,
through Federal courts, property which it desires for slum
clearance when property owners prove obstructive. Further
details of the plan are given below, as reported In a Washington dispatch, April 14, to the New York "Herald
Tribune":
The Atlanta project contemplates an expenditure of $2,100,000 in slum
clearance and the housing corporation proposes to acquire 134 parcels
of land.
Speaking as Public Works Administrator, Mr. Ickes made it clear that
the condemnation proceedings were not being resorted to as threat, but
merely to move up the program. The Government at all times was willing
to pay a fair price and would continue to consider any reasonable offer even
after legal proceedings had been filed.
The Atlanta action amounts to definite and direct embarkation of the
Government into the real estate business. Heretofore the housing operations
have been limited to the making of loans to limited dividend corporations.
To-day's announcement is the first contractual obligation on a housing
corporation project. After title to the land has been vested in the United
States the corporation will award the contract for the buildings.
"It has been decided," said Secretary Ickes, "to exercise the right of the
Government to institute condemnation proceedings to acquire land at
reasonable prices as a fair and expeditious method of carrying forward the
low-cost housing and slum-clearance program.
"This procedure will not change our original purpose in any way. Representatives of the Public Works Administration will continue to negotiate
with property owners for private settlement of a fair purchase price for
properties under consideration. I have signed contracts for the purchase of
several pieces of property in Atlanta and will continue to do so when
contracts for the purchase of properties are offered at a fair price.
"Acquisition of suitably situated land at proper prices remains the
chief difficulty and key to the housing program. Low-cost housing cannot
be built on high-priced land."

PWA Approves 2,000 Non-Federal Projects with.Proposed Expenditure of 96500,000,000—Will Furnish
45,500,000 Man-Days of Work—Federal Allotments
Total $1,381,000,000.
Approximately $500,000,000 will be expended on 2,000
non-Federal projects already approved by the Public Works
Administration, according to an announcement April 15
which estimated that these projects will furnish 45,500,000
man-days of employment. The PWA said that,it has
enlarged its legal staff, which is completing preliminary work
on 345 other applications for allotments. The non-Federal
projects will be financed through grants to States and
other political subdivisions. In addition, the PWA has
already allotted $1,381,000,000 for Federal projects.
The PWA announcement was given, in part, as follows
in a Washington dispatch April 15 to the New York "Times":
"How rapidly men go to work on the 2,000 projects and at the mines,
rarlls and factories where materials will be produced will be determined
by how fast the successful applicants are able or willing to function,"
said a statement from PWA headquarters.
"PWA stands ready to advance the loans and grants called for by the
bond contracts and grant agreements as soon as the money is required
to pay for work actually done, provided the applicants have signed the
contracts and agreements and complied with their terms and condition,
many of which result from local legislation and regulations imposed to
safeguard expenditure of public funds."
The PWA insists that the recipients of the grants begin work within
a reasonable time or forfeit the allotments since the primary object is
to provide immediate employment.
"Of the 2.000 contracts sent out," it was stated. "the applicants have
executed and returned 1,500 of which Administrator Ickes has signed
1,150. The remaining 350 will be signed as rapidly as PWA attorneys
have examined changes made or requested by the applicants. When
contracts are signed by applicants as sent they are executed by PWA
almost immediately.
"There is a standing order in PWA that contracts be expedited. The
1,150 contracts which have been signed call for the payment of $328,000.000
In loans and grants. In addition to these contracts Administrator Ickes
also has signed contracts calling for work-creating loans totaling $171.272,000 to 23 railroad companies making a total of $499,272,000 of contracts
signed, sealed and delivered by both parties.
"No bond contracts or grant agreements are required on the $1,381,000,000 allotted to Federal projects. This credit has been transferred to the
various departments of the Federal Government which received the allotments. Over $700.000,000 in PWA allotments to finance OWA and
CCC work is not included in these figures."

Federal Relief Rolls Reach Record Peak of 4,700,000
Families April 1—Relief Administrator H. L.
Hopkins Estimates 8,000,000 Persons Receiving
Government Aid.
Despite substantial increases in private employment,
Federal relief rolls reached an all-time peak on April 1,
when 4,700,000 families were the recipients of Federal aid,
Relief Administrator Harry L. Hopkins announced April 13.
This figure, he added, is equivalent to approximately
8,000,000 individuals. He attributed the rise in relief
cases to the fact that monetary reserves of persons who
had been unemployed during a great part of the depression
had become exhausted. United Press Washington advices
April 13 added the following information:
The figure in March 1933 he put at 4,600,000, and in October 1933,
before civil works became effective, approximately 3,000,000. He estimated that about 1,950,000 heads of families now are employed under
the new work relief program. The rest, he said, are receiving direct relief.
Mr. Hopkins said State relief organizations have reported varying




April 21 1934

employment increases, but that despite this their organizations hit the
new high in the relief load.
The peak is expected to continue through April due to the transition
from CWA to the emergency work program. Mr. Hopkins expects an
additional pick-up in employment during May.
Relief statisticians reported the number of relief cases in the United
States increased 13%, and the expenditures increased 20% during February
and March. The report was based on a survey of 140 cities and urban
cotmties.

The figures did not include those from New York and Chicago. The
140 cities, Mr. Hopkins said, represent 65% of the total urban population
of the country.
Another cause of the rise, he was advised, was the continuous reduction
in employees working on civil works projects. CWA employees declined
from a peak of more than 4,000,000 in January to about 3.000,000 at
the end of February and to slightly less than 2,000,000 March 31, when,
with a few exceptions, the civil works program ended.

Government Officials Praise Accomplishments of
CCC—Letters to President Roosevelt Discuss
First Year's Operation of Corps.
Conservation work in the United States has been advanced between 10 and 20 years as a result of the first year's
operation of the Civilian Conservation Corps, according to
communications by various Government officials made
public April 15. The first anniversary of the CCC was
April 7.. The accomplishments of the CCC were described
in letters to President Roosevelt from Robert C. Fechner,
Director of emergency conservation work; Secretary of
War Dern, Secretary of Agriculture Wallace, Secretary of
the Interior Ickes, Secretary of Labor Perkins and BrigadierGeneral Frank T. Hines, Administrator of Veterans' Affairs.
Among the accomplishments credited to the corps were
the following: Furnishing work for 600,000 men and
restoring their morale; almost $60,000,000 sent by members
of the CCC to their families while the Government was
disbursing $255,000,000, of which two-thirds went into
general circulation; reduction of forest fire losses to 17%
of the average for the preceding five years.
Excerpts from the letters are given below, as contained in
Washington advices April 15 to the New York "Times":
Secretary Darn's letter called the President "the father of the corps."
"The major interest of the War Department has been in the man himself," his letter said. "Its chief pride lies in his improvement. No group
of men understands youth so well or holds it in greater affection than does
the commissioned personnel of the army.
"With no desire to inculcate a military discipline, the understanding
leadership or army officers has lifted the head, quickened the pace, given
assurance to the approach of practically every member of the corps."
The War Department is in charge of enrolling, supervising and handling
the men of the corps and commanding the camps.
Secretary Ickes, whose department supervises all work in National
and State parks, on Indian reservations and in Hawaii, called the President's attention to the work accomplished during the year in National and
State parks.
"The presence of the enrollees," he said, "has enabled the planned
recreational program for our National park areas to be carried forward
in an effective manner and results have been accomplished that would
have taken 10 years to achieve in normal circumstances."
He said that Governors and. other State officials had reported that
State emergency conservation work had advanced their programs of acquisitions and development anywhere from 10 to 20 years.
Secretary Wallace, whose Department of Agriculture plans and supervises all work on National, State and private forest lands, and in Puerto
Rico and Alaska, said that fire prevention had, as a result of CCC work.
been perfected on a far larger scale.
The Labor Department took charge of the selection of all CCC men,
with the exception of the war veterans. quota. Commenting on the
year's work, Secretary Perkins said.
"During the years of the depression hundreds of thousands of
young
men arrived at working age and found all doors leading to
employment
locked against them. It is for just such young men that emergency
conservation work has been made available.
"It is a plan whoch dots conserve the social resources of the
nation."
General Hines, whose Veterans' Administration selected the
CCC
quota of war veterans, said that 42,682 needy veterans had been
enrolled
in the corps and that 11,000 more had been selected to be enrolled
this
month.

Governor Ely of Massachusetts Advises Abandonment
of Much of Recovery Program—Says Action Would
Shortly Bring "Normal Conditions."
If much of the Administration's recovery program were
abandoned immediately "we would shortly see a return to
normal conditions," Governor Joseph B. Ely of Massachusetts asserted in a speech before the New York Board of
Trade April 11. Governor Ely said that the Administration
should definitely announce its future course of action. He.
remarked that he favored much of the program as an emergency measure, but said that the American people will not
permit the provisions of the National Industrial Recovery
Act or the Agricultural Adjustment Act or the Public Works.
Program to remain on the statute books in their present
form "if we experience a reasonable return to prosperous
conditions."
In fact, he insisted, according to the New York "Herald
Tribune," "it would seem to me, although I lay no claim
to the title of economist, that the general trend of business,
the underlying strength of conditions, will shortly warrant,.

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Financial Chronicle

if it does not warrant to-day, complete abandonment of
those very expensive measures for recovery." From the
same paper we take the following:
The danger arising from the present situation and the success of the
emergency measures, explained the Governor, lies in the fact that the
fundamental principles upon which this Government was founded may be
lost sight of. There is no question in his mind, he said, that the American
people prefer a democratic form of government to an autocratic one
"whether it be Facist or Nazi or just an old-time absolute monarchy—they
are all alike." Nor would they countenance communism, he said.
The people permitted the enactment of the recovery measures purely
as an emergency program, Mr. Ely held, and they should not permit them
to remain upon the statute books with the reasonable return of prosperity.
"if their belief is still firm in the wisdom of the founders and the great
exponents who from time to time have enunciated the principles and controlled the destinies of the United States."
"In this emergency," Mr. Ely continued, "your sentiment and mine
have been aroused to the sad plight of so many of our fellow men, responding to which we have yielded an exception temporarily, and to some extent
perhaps permanently, that the tax moneys may be used for the benefit
of a few."
But caution must be exercised, he warned, that the numbers entitled
to
the benefit be not permitted to increase, and "that in our sympathy we
all become objects of that same charity, with no one left to provide the
sustenance."
Suggests Limiting Public Works.
lie said that under the present arrangement private business was competing with public business, and suggested that it might be wise to
limit
the program of public construction to a completion of the plans already
formulated.

Senator Nye Attacks NRA as"'Old Deal' in High Gear"
—Predicts President Will Soon "Divorce Its Leadership from Big Business."
A prediction that President Roosevelt will soon reorganize
the National Recovery Administration to "divorce its leadership from big business" was made April 14 by Senator Nye
in a luncheon address before the Cleveland City Club,
Senator Nye criticized the present policies of the NRA and
remarked that "the regimentation of business" through the
NRA is only "the 'Old Deal' in high gear." Associated
Press advices from Cleveland April 18 quoted from his
address as follows:
"One cannot be unmindful of the unfulfilled promises of reform
which
have been made by the 'crack-down' artists," he said.
"If the NRA
continues under existing leadership and direction it will carry
us to greater
economic havoc than we have ever known.
"All the Army officers on the Federal pay roll are
not going to be able
to stuff the public much longer with this
incessant ballyhoo
the NRA the credit for what Public Works Administration, which gives
Civil Works
Administration, Civilian Conservation Corps, natural causes and the purse
of Uncle Sam have done.
"I say these things as one who supported and
believes that the NRA
under wise direction can accomplish great
things for America. I do not
believe these policies are going to continue.
"I believe that President Roosevelt is about
to give NRA a shake-up—
that he is going to divorce its leadership from big
business and reform its
policies, making it the agency to help decentralize
industry and aid small
business against the unscrupulous practices of monopoly
and its sponsors.
"I believe he will do this when he has, in addition
to Ilk wise knowledge
of the trend, the report which he has requested of
the National Recovery
Review Board, an agency removed from the NRA and
created by Executive
order.
"I am confident that the President will act to clean
up NRA. I have
yet to see a problem or a responsibility placed in
his lap upon which his
decisions and action have been other than courageous and right."

Senators Metcalf and Patterson Criticize Recovery
Program—Former Warns of "Dictatorship"—Senator Patterson Says Government Usurps Proper
Functions of Its Citizens.
An attack on the principles and practices of the present
Administration was made April 13 in addresses over the radio
network of the National Broadcasting Co.,by Senators
Metcalf of Rhode Island and Patterson of Missouri (Reps.)
Senator Metcalf criticized the dual budget system and
the rising Federal debt, and warned of the dangers of
"dictatorship." Senator Patterson asked for a return to
the "time-honored principles" of American Government,
and said that "most of our ills" resulted from the "usurpation
by the Government of the proper functions of its citizens."
We quote in part from these addresses, as given in a Washingtion dispatch April 13 to the New York "Herlad Tribune":
"The average American citizen falls to realize that he is paying more than
one-third of all he earns to the Government in one form or the other,"
Senator Metcalf said.
"I repeat, taxation is power. Not only have the costs of government
ascended with startling rapidity, but there has been a prohounced movement of power concentration toward a central government. We are drifting from pure democracy to dictatorship. Events of the last year have more
than emphasized this fact. The tremendous acceleration toward the investment of a central authority with the powers of taxation and regulation
of society Is something we would not have believed could exist five years
ago. • • •
Twin Budgets Assailed.
"The trend toward abdication of the democracy in favor of a dictatorship
is exemplified by transfer to the Executive in two distinct ways. The
first is the power to tax. The second is the power to control."
He cited the tariff bill and the tax powers in the Agricultural Adjustment
Act, and continued:
"Powers are being bestowed on the Executive that point toward distatorshill) that is unwise and dangerous. The courage and the ability of the
President of the United States is unquestioned, but no man and no system




2685

Is infalliable. We should let him know our wishes and assist him toward
their realization, but constructive criticism and orderly and sound thought
are essential in times like these. We are heading into new and strange fields.
We should move with utmost caution and guard against top-heavy taxation or entering into social experiments from which we will not easily
recover."
Senator Patterson said.
"It is becoming clearer each day that unless interrupted, we are directly
headed for permanent collectivism in government with regimentation and
regulation of finance industry, agriculture and commerce. The Administration is traveling fast into state socialism and is abandoning what we
have been pleased to call the American system of Individual initiative and
effort which has been the greatest success in self-government that the world
has ever known. Under the pretense of meeting an emergency Congress
has delegated power vested in it by the Constitution to the Chief Executive
at such a rapid rate that it will soon be denuded of power.
Senator Patterson Hits "Repudiation."
"The experiments that have been conducted have involved us in an
orgy of extravagance unparalleled in peace time by any nation in the
history of the world. The sound financial policies that have been followed
from the birth of the nation have been abandoned in direct violation of
the solemn pledge of the Democratic Party and its Presidential candidate
Forty per cent, of the gold belonging to the people has been confiscated
and the Administration has shamelessly boasted of a profit to the Government by the process amounting to more than $2,810,000,000.
"The Government under the New Deal has sold Government obligations
upon the false prepresentation that such obligations were payable in gold,
and within 30 days thereafter Congress, at the behest of the President.
has sought by legislative action to repudiate the gold clause in such obligations and thereby change the terms of the contract. By legislative
enactment Congress has repudiated contracts, both public and private,
and under this Administration, for the first time in our history, we have
sunk to the low level of a repudiating nation. . . .
"It is my opinion, amounting to a firm conviction, that the ills from
which we are suffering to-day are caused not by adhering to the timehonored principles upon which this Government rests, but by a departure
from those principles."

College Students "Strike" in Protest Against War and
Fascism.
Several thousand students at colleges and universities
throughout the United States went "on strike" as a protest
against war and Fascism April 13, when they remained away
from classes for an hour and held meetings at which war
was denounced. The demonstrations in New York City
were organized by the Student League for Industrial Democracy, a Socialist organization, and the National Students'
League, said to be Communistic. Disorder marked some
of the meetings and in a few cases students clashed with
police, but in most instances the demonstrations were comparatively orderly. At Vassar College a parade of 300
students and faculty members was led by Dr. Henry N.
MacCracken, President.
NRAI,Issues Seven Interpretations Explaining Modifications of Retail Drug Code—Selling Below
Manufacturers' Trade Price Declared Unfair Trade
Practice.
Seven interpretations designed to clarify a recently approved amendment to Schedule A of the general retail code
applying to drug retailers, and modifying the so-called "losslimitation" provisions, were made public April 7 by the
National Recovery Administration. On March 30 the NRA
had modified the drug code to restrict low-price sales by a
provision that selling drugs, medicine, cosmetics, toilet preparations or drug sundries below the manufacturers' wholesale dozen price would constitute an unfair trade practice.
This modification is indicated as follows by the NRA on
April 7:
Schedule A of the code of fair competition for the retail trade is hereby
amended by the addition of a new Section, No. 6, as follows:
Section 6, Loss Limitation Provision:
In place of the provisions of Article VII, Section 1, the following provision shall apply to all retailers selling the products specified hereinafter:
Inasmuch as the vast preponderance of drug store products are distributed
through small drug retailers who are unable to purchase on a quantity basis
but who perform services which are essential to the welfare of those in their
communities, and whereas such services cannot adequately be performed
through the facilities provided by their competitors, and whereas in some
cases sales are made to consumers by such competitors at prices below the
lowest cost of purchase normally obtainable for such merchandise by small
drug retailers, and whereas in most instances such sales prices are not a
true indication of the general level of prices of such competitors and no
general benefit to those in the community accompanies the same, but such
prices are in fact in the nature of bait offers of merchandise to attract
trade, it is hereby declared an unfair trade practice and is prohibited by
this code for any drug retailer to sell any drugs, medicines, cosmetics,
toilet preparations or drug sundries at a price below the manufacturers'
wholesale list price per dozen, provided, however, that in the case
of
biologicals or other of the above mentioned products which are
not customarily sold in dozen or greater lots the Code Authority may
fix a comparable unit quantity, and provided further that any discount,
free deal,
or rebate which is made available to all purchasers of dozen lots or
comparable quantities, shall be considered as part of the manufacturers'
wholesale list price.

The interpretations as made public April 7 were in the
form of questions and answers. Summarizing these, a dispatch, April 7, to the New York "Times" from Washington
said:
The first of seven interpretations issued to-day applies the provision
only to drugs, medicines, cosmetics and drug sundries. The latter are

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Financial Chronicle

defined as "articles or appliances as used in the promotion of public health
and sanitation."
Another interpretation applies the amendment only to those articles for
which a manufacturer's wholesale price list is available in "dozen or
comparable units." In another, "comparable units" are defined as "the
lowest number of the article listed" when it is not listed in dozen units,
but in no case over a dozen.
Still another interpretation applies the manufacturer's wholesale price
to articles sold in the open market or otherwise below that price, for
purposes of determining cost.
Another allows for deduction of the cost of free goods offers from the
manufacturer's price, provided that the period of the offer is announced
by the manufacturer and open to all.
The remaining rulings provide for superseding of the old provision of
the code by the new amendment and for the opening of all discount free
deals and rebates to all purchasers by the manufacturer, before such discounts can be considered in determining the wholesale list price of the
manufacturer.

Budgets and Assessments of Code Authorities Must Be
Approved by NRA—Executive Order Requires Administrator's Approval of Expenditures.
General Hugh S. Johnson, Recovery Administrator, must
hereafter approve all budgets and assessments of code Authorities to finance code administration, according to an
Executive Order signed April 14 by President Roosevelt.
Under this order, failure to pay assessments is made a violation of the NIRA in all cases where codes specifically contain such provisions, or when codes are modified to include
such provisions after application and public hearing. The
expenditures and assessments must, however, be approved
by the Recovery Administrator. The NRA made public at
the same time as the Executive Order an administrative
order by Colonel G. A. Lynct, NRA Administrative Officer.
It was explained that all Code Authorities which have been
collecting money to defray expenses of code administration
must halt that practice until the figures are approved by
the NRA.
The administrative order stated that industries which are
under more than one code need not contribute to the expenses of more than one Code Authority, except that code
authorities other than the one for which a company is
already contributing may present evidence to prove that they
should also be permitted to collect from the firm. It was
explained in Washington that the President's Executive Order and the administrative order followed protests of "racketeering" by some code authorities, which were alleged to
have paid high salaries to clerks and employees, and to have
incurred unduly high expenses.
• The text of the Executive Order follows:
EXECUTIVE ORDER MAKING PROVISION FOR A CLAUSE IN CODES
OF FAIR COMPETITION RELATING TO COLLECTION OF EXPENSES OF CODE ADMINISTRATION.
By virtue of and pursuant to the authority vested in me under the provisions of Title I of the National Industrial Recovery Act of June 16 1933
(Ch. 90, 48 Stat. 195), and in order to effectuate the purposes of said title.
I hereby order that the following clause or any appropriate modification
thereof shall become effective as a part of any code of fair competition
approved under said title upon application therefor (1) pursuant to the
provisions of the code relating to amendments thereto or (2) by one or
more trade or industrial associations or groups truly representative of the
trade or industry or subdivision thereof covered by the code, if the
Administrator for Industrial Recovery 'ball find that approval by him of
such clause is necessary in order to effectuate the policy of Title I of
said Act:
1. It being found necessary, in order to support the administration'of
this code and to maintain the standards of fair competition established
by this code and to effectuate the policy of the Act, the Code Authority
is authorized, subject to the approval of the administrator:
(a) To incur such reasonable obligations as are necessary and proper
for the foregoing purposes and to meet such obligations out of funds which
may be raised as hereinafter provided and Nvilich shall be held in trust
for the purposes of the code;
(b) To submit to the administrator for his approval, subject to such
notice and opportunity to be heard as he may deem necessary, (1) an
itemized budget of its estimated expenses for the foregoing purposes, and
(2) an equitable basis upon which the funds necessary to support such
budget shall be contributed by members of the industry;
(c) After such budget and basis of contribution have been approved by
the administrator, to determine and secure equitable contribution as above
set forth by all such members of the industry, and to that end, if necessary.
to institute legal proceedings therefor in its own name.
2. Only members of the industry complying with the code and contributing to the expenses of its administration as provided. in Section 1
hereof shall be entitled to participate in the selection of the members of
the Code Authority or to receive the benefit of its voluntary activities or
to make use of any emblem or insignia of the NRA.
FRANKLIN D. ROOSEVELT.
Approval recommended: Hugh S. Johnson, Administrator. By G. A.
Lynch, Administrative Officer.
The White House, April 14 1934.

The administrative order which supplemented the Executive Order read as follows:
ADMINISTRATIVE ORDER.
Regulations governing collection of expenses of code administration:
By virtue of the authority Nested in me under Title 1 of the National
Industrial Recovery Act, I hereby prescribe the following regulations to




April 21 1934

supplement the President's Executive Order of April 14 1934, "making
provision for a clause in codes of fair competition relating to collection
of expenses of code administration."
A member of any trade or industry, the code for which contains the
provision included in the above-mentioned Executive Order or any other
provision whereunder non-payment of an equitable contribution to the costs
of code administration is in violation of the code, shall be deemed in
violation of that code only if:
1. The administrator has approved an itemized budget of estimated expenses and an equitable basis of contribution as required by the provision
included in the above Executive Order.
2. In conformance with the basis of contribution so approved, an agency
authorized by the Code Authority certifies to the National Recovery Administration that:
A. It had given such member due notice of contribution due, which
notice clearly stated:
(1) The basis of contribution and the fact that it had been approved
by the administrator.
(2) That continued non-payment after 30 days of the receipt of the
notice is a violation of the code, and
(3) The right of the member to file a protest with such authorized. agency
or the National Code Authority or directly with NRA within 15 days on the
ground that the basis of contribution is unjust as applied to such member
or that the basis of contribution is not being followed by such authorized
agency as to such member.
B. Such member, after 30 days of the receipt of the notice, has failed
to pay such authorized agency the amount due and has failed to file a
protest with such agency within 15 days from the date of notice.
3. No protest has been filed with the National Code Authority or with
NRA within 15 days from the date of notice, or such a protest has been
filed with the Code Authority or NRA and has been overruled by NRA.
Provided, however: That no member of any trade or industry shall be
deemed in violation of a code for failure to contribute to the expense of
administration of the code for any trade or industry other than for that
trade or industry which embraces his principal line of business, subject to
such exception as NRA may provide. Any Code Authority for any trade or
industry may show cause to NRA why any member or group of members,
subject to the administration of such Code Authority, should contribute
to the expenses of administration of that code in addition to a contribution
required of that member or group of members to the expenses of administration of some other code or codes, but no ruling made by NRA on any
such application shall apply to any member of the distributive and service
trades and industries until after July 15 1934.
Further, provided: That under no circumstances may any Code Authority
demand a contribution to the expense of code administration by any member
of the trade or industry unless the code contains a provision whereunder
nonpayment of an equitable share of the cost of code administration constitutes a code violation and whereunder the administrator shall have
approved an itemized budget and an equitable basis of contribution.
HUGH S. JOHNSON, Administrator.
By G. A. Lynch, Administrative Officer, April 14 1934.

Plans of NRA For Concentration on Code Enforce-.
ment Under Supervision of W. A. Harriman—
General Johnson Creates Boards to Avert Threatened Industrial Strikes.
General Hugh S. Johnson, Recovery Administrator, announced on March 28 reorganization plans for the National
Recovery Administration, designed to place greater emphasis
on code enforcement rather than code formulation. On
March 30 General Johnson took further steps to set up
machinery within the NRA to settle labor disputes Which
might develop into strikes. He issued an order providing
for the creation of industrial relations boards to handle
labor disputes under codes, and he said that as soon as the
NRA Labor Advisory Board and Consumers' Advisory Board
submitted lists of nominees he would appoint advisers from
these two Boards to be Government members of Code
Authorities.
United Press Washington advices, March 28, outlined the
reorganization plans in the NRA as follows:
In the new setup. General Johnson gave to W. Averell Harriman the task
of supervising and co-ordinating the NRA for code administration. His
tremendous task will include compliance, enforcement and code authority
procedure.
Mr. Harriman is a son of the railroad magnate, Edward II. Harriman.
He has been Chairman of the Board of Union Pacific RR.
The new group of special assistants includes several now in that capacity:
Robert W. Lea, Industrial Adviser; Edward F. McGrady, Labor Adviser ;
Alvin Brown, Executive Officer; Leon Henderson, Research and Planning
Director; Frances M. Robinson, the Administrator's personal assistant.
General Johnson's son, Lieutenant Kilbourne Johnson, will continue to
have special and direct assignments. George Buckley, who has assisted
with the. newspaper code, will continue, and possibly may take charge of
public relations in the post vacated by Charles Michelson.
The division formerly headed by Arthur D. Whiteside, who has
returned
to private business, has been divided. Administration of service codes was
given to Colonel G. De Freest Lamer. Thomas L. Robinson has been
named
Deputy Administrator for financial codes.
Garment industry codes have gone to the division headed by Sol A. Rosenblatt. Codes for textile and retail trades are unassigned.
A litigation division will be added to the legal division. It will
co-ordinate legal matters, examine and review transcripts of cases, carry on
cases
in the name of the Justice Department, present them to the
National Compliance Board.
Two weak spots in the recovery organization, proper code
enforcement
and application of codes to all industries, are expected to be
strengthened
by the new procedure.
Separate policy boards are to be created for labor, trade
practices, and
code authorities. Representatives from the long-standing
labor, industry,
and consumer advisory boards, planning and research and
legal divisions
will be on each policy board, and Clarence Darrow's recovery
review board
will be invited to send representatives to all policy
meetings.

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Financial Chronicle

A Washington dispatch, March 30, to the New York
"Times" noted the new NRA plans for averting industrial
strikes in part as follows:
Instead of attending all meetings of the Code Authorities, the Labor and
Consumers Advisers about to be appointed as attaches to the Government
agents on the Code Authorities will attend meetings only by invitation.
They will have, however, free access to minutes of the meetings and have a
right "to appear before the Code Authority to make statements on specific
subjects."
Data to Be Confidential.
Information obtained by the advisers will be kept strictly confidential,
the General said.
The order calling for creation of the Industrial Relations Boards, or
Committees, directs the creation of these agencies at once.
It was suggested that such Boards follow the pattern previously set and
have equal numbers of representatives of employees and employers, with
both sides choosing the Chairmen.
The Labor Policy Board, the office order states, "will consider all problems involving the labor provisions of codes and all questions of labor
policy." .
"Typical problems within the fields of this Board," it adds, "are those
involving hours and wages, differentials, conditions of labor, inconsistencies
in codes for similar industries, &c."
The Board is to include a Chairman appointed by General Johnson and
"one representative each from the Labor, Industrial and Consumers' Advisory Boards, and from the Legal and Planning and Research Divisions."
Mr. Green explained that the fact that labor would have but one of
five members would appear to make the Board one-sided in the handling
of labor policies. He said that labor was of the impression that the new
Board seemed to usurp authority already delegated to other agencies.
Mr. Harriman, as first assistant to General Johnson, will have as aides
an assistant for compliance, one for code authority authorization and one
for other problems of code administration.
Details of Reorganisation.
The reorganization order governs the procedure to be followed by all
divisions in ruling on code administration problems. To the deputies and
divisional administrators enormous powers are entrusted to expedite rulings
and make decisions.
The order states that each deputy will arrange with the legal, labor,
industrial and consumers' advisers assigned to him for periodic meetings.
The deputy will consult these assistants on all requests made upon him for
rulings.
"After such consultation the deputy will make his proposed ruling," the
order continues. "These proposed rulings must be made promptly. The
protracted delays which have occurred heretofore will not be tolerated, and
It is not necessary that the deputy obtain the approval of his advisers
before making a ruling; it is only necessary that he consult with them.
'However, each adviser should signify his approval or disapproval (with
reason for disapproving) on the record. If an adviser is absent at a meeting and neither he nor a substitute can be contacted after reasonable
effort on the part of the deputy, or if an adviser is present but refuses to
commit himself until conferring with his Board, the deputy will nevertheless make the proposed ruling—merely signifying on the record the adviser's
absence or refusal to commit himself.
"Without further delay the deputy will submit the file, including all
recommendations, to the Division Administrator, who will approve, disapprove or modify the proposed ruling."
The following is underscored for emphasis:
"The Division Administrator's decision will be final (subject only to
the ultimate disapproval of the Administrator), and will be immediately
transmitted to the Code Authority."

Small Steel Companies Praise NRA Code Operation—
Protest FTC Charges That Large Concerns Are
Unduly Benefited.
The American Iron and Steel Institute made public on
April 10 a pamphlet containing a number of messages sent
to Washington by the heads a small steel companies, protesting against the recent report of the Federal Trade Commission on the operation of the steel code, which was submitted to the Senate March 19. This report implied that the
code tended to promote monopoly and that it enabled the
larger companies to oppress and eliminate their smaller competitors. The communications from officials of smaller
companies, reproduced in the booklet, protested against the
Commission's findings and praised the steel code for promoting recovery in the industry.
There is given below the text of a representative telegram sent by T. E. Kilby, former Governor of Alabama, and
now President of the Kilby Car & Foundry Co. of Anniston, Ala.:
Ours is a small industry, perhaps the smallest of all members of steel
code. The code has not oppressed or eliminated us, but on the contrary
has encouraged and helped us. The code has not created a monopoly, but
It has given the small producer a chance to compete on an even basis
with large producers. Large producers have always shown a fair and
liberal attitude toward small producers. Since the adoption of the code
our business has been fairly well stabilized, employing more labor at better
rates without unreasonable advance in prices. If all managers of small
Industries were consulted instead of demagogic politicians who are thinking more of their political interests than of the business interests of the
country, you would, in our opinion, hear a very different story from that
carried in the Federal Trade Commission's report.

NRA Code for Real Estate Brokerage Industry Approved
by NRA Administrator and by Directors of National
Association of Real Estate Boards.
The proposed code for the real, estate brokerage industry,
filed with NRA by the National Association of Real Estate
Boards, and recently submitted to member boards in final
form, was approved by the Executive Committee and board




2687

of directors of the Association at a special meeting called
in Washington, D. C., for action on the code.
No change in principles or intent was made in the code as
submitted in full to member boards. Action followed a discussion which covered two all-day sessions and one night
session of the Board. The Association, in announcing this
on March 6, said:
The code will now be formally placed in the hands of NRA officials for
their final action. As adopted, the code provides for registration with
the code authority of every one in the industry. It covers the representation of others, for compensation, fee or valuable consideration, as a whole
or partial vocation, in the buying, selling, or exchange of real property;
leasing, renting, and the collection of rent; appraising real property; the
brokerage of insurance or the negotiating and procuring of loans on real
property as an adjunct to the business.
The code was approved by the Administrator on April 9. The code
becomes effective 10 days after its approval by the Administrator. The
setting up of a Code Authority, and adoption by the Code Authority of
by-laws and regulations for code administration are steps to follow approval
of the code.
Representatives of the National Association of Real Estate Boards on the
Code Authority are to be elected by the Association at its annual convention (which this year will be held in the Nicollet Hotel, Minneapolis,
June 25-30). Appointment of representatives to serve until elected representatives are chosen is to be made by the President of the Association,
Hugh Potter, Houston, Tex.

Details of the code were given in our issue of Feb. 24,
Page 1340.
New Jersey Silk Company Pays Fines of $1,000 After
Pleading Guilty to Violations of NRA Code—
Criminal Prosecution First of Kind in United
States.

The first crimin21 prosecution of a company for allevd
villation of a National Recovery Administration code
ended April 6 when the Allied Dye & Print Works, Inc., of
Clifton, N. J., pleaded guilty to 11 violations of the code for
the silk dyeing and printing industry and was fined $1,000
by Federal Judge Phillip Forman in Trenton. The defendant, through its counsel, Frederic M. Pearse, admitted the
offences charged and expressed regret. It also said that it
was strongly in favor of Government regulation. District
Attorney Harlan Besson recommended leniency. He said
the law provided a fine of $500 for each of the offences
charged, but suggested that on each of three counts a fine of
$120 be imposed, with a fine of $80 each for the other eight.
A Trenton dispatch April 6 to the New York "Times"
added the following details of the charges:
The bill of c,ompaint charged that the company "worked" its employees
on Saturday, whereas the NRA code stipulates that the silk dyeing and
printing industry must halt production from 6 a. m. Saturdays to 6 a. m.
Mondays. Three counts of the information charged Saturday employment.
The other eight allegations were that the company employed its workers
for more than eight hours a day on eight days in January.
Mr. Pearse, addressing the Court, said technical requirements of the
industry were responsible for the company's violation. He said silk run
through the printing machinery Friday nights had to be placed in the dyeing
machinery on Saturdays or the materials would be spoiled.
"We have endeavored to make our peace with the Code Authorities,"
Mr. Pearse said. "The company is anxious to abide by the provisions
of the code. We have frankly discussed the matter with the District
Attorney, the Code Authorities and the NRA, and I advised my client
plead guilty because of plea of no vult could not be made."
"Since you have pleaded guilty, I am assuming that your client has no
quarrel with the NRA," the Court replied. "In fact, I gather from your
stand that the company approves of the law and wants to support it."

Comptroller-General McCarl Rules Bidders on Government Contracts Must Submit Certificates Showing
NRA Code Compliance.

Comptroller-General J. R. M. McCarl on April 7 upheld
the validity of an Executive Order requiring certificates of
National Recovery Administration code compliance from
companies or individuals bidding for Government contracts.
This ruling is expected to apply to Henry Ford and his
distributors, who must submit certificates of compliance
with the automobile code when seeking Government contracts in the future. In sustaining the Executive Order
issued in March, Mr. McCarl reversed his previous opinion
in which he had held that the Government should furnish
proof of code violation but that, once violations were established, damages could be collected. Associated Press Washington advices April 7 added the following regarding the
new ruling:
The new ruling makes statements of compliance a prerequisite to bidding.
The ruling was given to Postmaster-General James A. Farley regarding a
gasoline contract, the lone bidder for whic had his certificate in Prober
shape.
In its controversy with Mr. Ford. the Recovery Administration contended
the auto manufacturer should be required to sign the automobile code
before Ford dealers could bid on government contracts. Mr. McCarl held
then no statement of adherence to code provisions was necessary from
bidders, but once a Government contract was accepted the contractor would
be bound by code compliance required therein.
Mr. McCarl now has made clear his attitude on the Executive order
Issued by President Roosevelt last month providing for certificates of
compliance as a prerequisite to bidding. His ruling said the low responsible

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Financial Chronicle

bid should be considered the one "containing or accompanied by the required certificate.

The Executive Order was given in our issue of March 24.
page 2018,
Code of Fair Competition for Retail Booksellers Forbids Price Cutting for Six Months After Publication Date—Pact Effective April 19.
A code of fair competition for retail booksellers became
effective April 19, following its approval by the National
Recovery Administration April 13. The principal feature
of the code was a section, applying to all booksellers and
book departments of retail stores, which forbids the sale of
books at retail below the resale price fixed by the publisher.
Under this provision prices must be kept at the publisher's
rates for six months after the date of publication. If a
book is published before July 1, the price remains unchanged
until Jan. 1 of the following year to allow the book the benefit
of one Christmas buying season. A Washington dispatch
April 13 to the New York "Times" added the following
description of the code:
The code, however, will not affect books chosen by book clubs as their
monthly selections, nor will it affect books published exclusively for mail
order or subscription sale.
A further provision excepts sale to public or college libraries, church
libraries and other public agencies.
The schedule, demanded by leading booksellers on the ground that
their business was being destroyed by price cutting in department stores
and drug stores, and by the use of books as "bait," was granted by the NRA
after a division of opinion in the Consumers' Advisory Board.
NRA officials to-day could recall no other code in which prices set
by the producer of an article were protected, although several industries,
notably the retail drug trade, attempted to have such a provision inserted
In their codes.
Cultural Value a Factor.
The Consumers' Advisory Board was thought here to have given way
on its original objections to the proposal because of the very special conditions which surround the industry, and because of the cultural implications
In the continuance of book shops.
It was pointed out that the competition of lending libraries, magazines
and cheap editions was enough to keep publishers from profiteering because of the provision and, furthermore, that book publishing is one of the
few industries where sale is made direct from the producer to the retailer,
With no jobbers or middlemen.
Another reason for inclusion of the provision, which was said to be the
most drastic price-fixing to be permitted by the NRA, is that the establishment of the retail price by the publisher was a universal custom of the
trade up to a few years ago.
The code provides for an Administrator's Price Control Committee
with a representative of the Consumers' Advisory Board as a member to
check any rise in prices.
13,ThelAdministrator's letter to the President notifying him of the approval
of the code, said.
"Members of the trade are facing an acute situation as a result of 'lossleader'icompetition encountered from certain large department stores.
"Prior to the adoption of the retail code a few titles of popular new books
were placed on sale occasionally as 'loss leaders' or 'bait' by some department stores, but the base for price-cutting has spread since the retail code
hasibeen in effect. Each competing department store knows that the other
cannot sell below cost and the cut-price competition is, therefore, spread
over the wholelbook department. Competition of this sort for the independent bookseller means eventual bankruptcy."

President Roosevelt Signs Poultry Code for New York
Metropolitan Area—Pact, Effective April 23, Seeks
to End Racketeering and Monopolies.
A code of fair competition for the live poultry industry
of the New York metropolitan area will become effective
April 23, following its approval April 13 by President Roosevelt. The code is designed to eliminate monopolistic trade
practices which increase prices to consumers and at the
same time lower returns to producers. Leroy C. Peterson,
who was recently connected with the Consumers' Counsel
of the Agricultural Adjustment Administration, was appointed Code Supervisor by General Hugh S. Johnson, Recovery Administrator, and Secretary of Agriculture Wallace,
Who have joint jurisdiction over the code. It was said by
AAA officials that anti-racketeering provisions in the code
seek to prevent the collection of unearned "fees" and coercing members of the industry. A Washington dispatch,
April 13, to the New York "Journal of Commerce" summarized the code provisions as follows:
AAA officials see an especial significance in the approval of the code,
since prices paid for live poultry on the New York market have always
served as a guide to prices in all principal markets. This fact will be
further carried out, since the code specifically provides that a better
system of daily market quotations, "more accurately reflecting actual
supply and demand conditions," shall be established for the Industry.
As requested by Commissioner of Markets Frank Morgan of New York
at the code's public hearing here on Jan. 17, the approved draft contains
anti-racketeering provisions, which seek to prevent collection of unearned
"fees," and the forcing of industry members to join any association through
threats of violence or other means of coercion.
Monopoly Charged.
In the hearing, it was testified by many that special groups within the
industry had forced yielding of privileges, which resulted in monopolistic
control of the market, with consequent widening of the spread between
prices received by producers and the cost of poultry to consumers.
Combinations to apportion territory of trade, or to allocate customers
among certain firms, are declared unlawful by the fair practice provisions




April 21 1934

of the code. Further unlawful competitive methods include unreasonable
charges for rental of coops, trucking, loading and unloading of trucks and
cars. It is specifically provided that these services may be performed by
the shipper at his option. Sale of inedible products, secret rebates, overfeeding just before sale and commercial bribery are also strictly prohibited.
Wage and Labor Provisions.
Wage and labor provisions place 40 hours as a maximum work week for
commission houses, and 48 hours as the maximum for slaughter houses,
with minimum wages of 50c. per hour.
Must Make Reports.
Weekly reports of the range of daily prices and the volume of sales is
required from every industry member by provisions of the code. Also, each
week firms are to make reports regarding expected shipments, and no
unreported poultry can be unloaded or sold.
Administration of the code will be under the jurisdiction of a code supervisor, to be appointed by the Secretary of Agriculture and the Administrator
of the National Recovery Act. This supervisor will be assisted by an
Industrial Advisory Committee, elected by both commission merchants and
slaughter house operators.

Senator Wagner Charges Many Large Employers
Hamper Work of National Labor Board—Reports
218 Strikes in March Against 78 in February.
Many large employers fail to adopt an attitude making
for industrial peace, and consequently hinder the work of
the National Labor Board and the Regional Labor Boards
in settling industrial disputes, it was charged April 15 by
Senator Wagner, Chairman of the National Labor Board,
in a report which showed a recent increase in strikes
throughout the country. There were 218 strikes in March,
involving 139,000 workers, the survey revealed. This compared with 78 strikes involving 56,000 workers in February.
Senator Wagner said that 139 strikes were settled in March.
compared with 51 in February. In each month 90 strikes
were averted by National and Regional Labor Boards. A
United Press Washington dispatch of April 15 added the
following:
Since their creation the Labor Boards have received 2,643 disputes of all
kinds, involving 1,375,253 workers, Senator Wagner said. Cases pending on
April 1 totaled 717.
Commenting on these figures, Senator Wagner said two points stood out:
"First is the fact that a majority of employers and employees continue
to make increased use of the Boards. Second is the fact that a niinority of
large employers, whose following has not diminished, persist in an attitude
which does not make for industrial peace and constitutes a heavy obstacle
in the way of the work of the Boards.
"The necessity of dealing with the situation, which was pointed out in a
report to the President last February, is even more noticeable to-day."
Senator Wagner, Democrat from New York, did not elaborate on his
charges, but previously he had made his position clear. He feels that
many large employers are resisting organization of labor, in violation of
the spirit if not the letter of the labor provisions of the NIRA.

D. L. Podell Asserts "Brain Trust" and NRA Oppose
"Red Menace"—Defends NIRA Before Commerce
Committee of American Bar Association—Criticism by Others.
David L. Podell, one of those who formulated the National
Industrial Recovery Act, declared April 11, that the National
Recovery Administration and the "brain trust" were opposed
to the "real danger of a red menace" in the United States.
Speaking before the Commerce Committee of the American
Bar Association in New York City, Mr. Podell said that he
would far rather "be in the hands of Rex Tugwell and any
other member of the brain trust than in the hands of a wildeyed labor agitator leading an angry mob of unemployed."
Further extracts from his address, and from speeches by
other speakers, are given below, as contained in the New
York "Times" April 12:
Mr. Podell said the strength of the "legitimate labor unions" had been
sapped and their treasuries impoverished by unemployment before the
NRA was organized, and that "Communist groups, red agitators and
left-wingers were eating into their very heart." "The real evil, the greatest
conspirator in this country, was unemployment, and it was that which the
NRA struck at," he added.
He told the committee, which will report on the legal side of the recovery
program at the annual meeting of the American Bar Association in Milwaukee in August, that one of the important questions yet to be resolved
was "If it lies in the power of the government to say the decisions of a
majority in any industry are binding on the minority."
Julius Henry Cohen, General Counsel for the New York Port Authority
and representative of employers in garment industry negotiations for seven
years, proposed that collective-bargaining agreements be made legally
binding on all when they have been accepted by the majority, without forcing the minority to join the labor groups comprising the majority.
Mr. Javits Urges Permanence.
Benjamin A. Javits, anti-trust law authority and Counsel for several
trade associations and code authorities, said the recovery program represented "a radical departure from many of our accustomed notions of
constitutional law, confronting us with the principle that equally fundamental with private right is the right of the public to regulate it in the common interest."
Nevertheless, he continued, he hoped that "some of the benefits of the
NRA will be made permanent when the Act expires next year." He said he
expected the Supreme Court to give finality to the administrative definitions
of the NRA and the AAA as t,o what constituted fair practices in competition. He doubted that the Court would extend such finality, however, to
Administrative findings that a respondent had violated a practice.
A vigorous dissent from the general belief in the constitutionality of the
NRA expressed by counsel who appeared before the committee was voiced

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Volume 138

by Hal H. Smith, General Counsel for the Michigan Manufacturers Association, who said it was "clearly unconstitutional."
He contended that the emergency added nothing to the power of Congress to enlarge the inter-State commerce clause and that if the public
wanted the NRA the Constitution would have to be changed first, because
there was no legal short cut.
Among the supporters of the constitutionaltiy of the recovery program,
on the other hand, was Dean Charles E. Clark of the Yale University Law
School, who said the "due-process attack on the NRA is the fundamental
argument," but that the Supreme Court has moved in the direction of
recognizing that "the public interest may justify a sharp limitation of the
rights of individuals."

Meeting of Executive Council of A. B. A.—Membership
of Association Increased by Nearly 2,000 President
Law Regards Gain As Evidence of Emergence
From Depression.
An increase of almost 2,000 in the membership of the
American Bankers Association was indicated in a report
presented to the Executive Council meeting at Hot Springs,
Ark., on April 17 by President F. M. Law, President First
National Bank, Houston, Tex. About 275 representatives
of members of the Association were in attendance at the
meeting. Mr. Law said:
To-day, I feel in a very cheerful and hopeful frame of mind, when I
think of the American Bankers Association as an organization of its membership. of its past and of its future. I am encouraged, for instance, when
I contemplate the fact that from a low membership of approximately 9,600
just a few months ago, we have now gotten that membership back, in round
numbers, to about 11.500. and the number is constantly increasing. That
certainly is a very substantial evidence that we are beginning, at least,
to emerge from the depths of depression.

Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of April 14 (page 2519),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.

From the Washington "Evening Star" of April 15 it is
learnqd that the Washington Mechanics Savings Bank of
Washington, D. C., which recently reopened the Mount
Vernon Savings Bank at Ninth Street and Massachusetts
Avenue, as its headquarters, was to change its title on April
16, to The City Bank. We quote further from the paper
mentioned:
This follows formal approval of that name yesterday (April 14) by the
Corporation Commission of Virginia, at Richmond. The action of the Commission consisted in approving an amendment to the charter of the bank,
which had been adopted April 10 at a meeting of stockholders at Alexandria.
New new name will be put up conspicuously on the five branches of the
old Washington Mechanics Savings Bank, and soon will appear on the old
Franklin National Bank, which is to reopen as part of the City Bank.
Clarence F. Burton, President of the City Bank, received word late
Yesterday of the favorable action of the State Commission in Richmond,
and this in reality changed the name of the bank beginning late yesterday.
President Burton expects to reopen the Franklin National Bank before
the first of May.
ILLINOIS.

The St. Louis "Globe-Democrat" of April 12 had the
following to say concerning the affairs of the First National
Bank of East St. Louis, Ill.:
A letter drawn up by the Central Trades and Labor Union of East St.
Louis, requesting President Roosevelt, the Comptroller of the Currency
and Illinois Senators and Congressmen to authorize an investigation to
determine why the closed First National Bank of East St. Louis has not
been reopened, was approved last night (April In at a meeting of about
500 depositors of the defunct institution in the City Hall.
The bank has been closed for 13 months. Recently a delegation representing the Labor Union conferred with Guy Hitt, Conservator in charge of
the bank, and sought information as to why it still remains closed. The
delegation was unable to obtain the information it desired, and the depositors meeting was called to pursue the inquiry further.
A. L. Wegener, President of the Labor Union, was named Chairman of
the depositors' organization, and George Suprunowski was elected Secretary,
KENTUCKY.

James R. Dorman, State Banking Commissioner for
Kentucky announced on April 11 that the First State Bank
of Harlan, which is in liquidation, has completed distribution of a 50% dividend to depositors. Associated Press
advices from Frankfort, Ky., noting this, went on to say:
The bank closed Aug. 25 1933, having assets of $1,200,000, capital of
$100,000 and surplus of $100,000. I. C. Dickinson has been in charge.of
liquidation. According to reports received at the banking department.
the bank will pay off depositors in full.
Commissioner Dorman said the Bank of Harlan was organized on the
structure of the old bank and is now doing business. The new bank has
capital of $50.000, surplus of $10,000 and deposits of more than $500,000.
W. W. Lewis is President and Elwood Hart, Cashier.
MARYLAND.

Baltimore advices on April 13 to the "Wall Street Journal"
stated that J. J. Ghinger, State Bank Commissioner, and
receiver for the Citizens Bank, at Hurlock, in Dorchester
County, Md., has mailed checks to depositors and general
creditors for 10% of their balances.
As an outgrowth of the reorganization of the Baltimore
County Bank at Towson, Md., three new banks located at
Towson, Randallstown and White Hall, were to open on




April 12, according to an announcement by John J. Ghinger,
State Bank Commissioner for Maryland. The new institutions will be known respectively, as the Bank of Baltimore County, Towson; Randallstown Bank, Randallstown,
and White Hall Bank, White Hall. They will be operated
as separate and independent successors to the Baltimore
County Bank and its two former branches at Randallstown
and White Hall. The Baltimore "Sun" of April 11, from
which the foregoing information is obtained, continuing said:
Opening of the new bank will follow adoption of a plan of reorganization
of the Baltimore County Bank whereby each of the new banks will have a
capital stock of $50,000. This capital will be divided into 5,000 shares of
$10 par value, all of which will be sold to the old bank except directors'
qualifying shares at $12 a share, so as to provide a $10,000 surplus, or a
total capital structure of $60,000 in each instance.
Elmer It. Haile has been elected President of the Bank of Baltimore:
County. Other officers will be Eugene W. Weakley, Vice-President:
H. Edward Rusteberg, Acting Cashier, and Jennie E. Weil, Assistant
Cashier. Besides Mr. Haile and Mr. Weakley. . .
Officers of the Randallstown Bank will be John K. Ruff, President;
Dr. William E. Martin, Vice-President, and G. Roland Price, Cashier. . .
Samuel Streett will be President of the White Hall Bank; George 0.
Richardson, Vice-President; William P. Wright, Cashier, and Lida E.
Slade, Assistant Cashier.
In a letter to depositors and stockholders of the old bank, the Board of
Directors and depositors'committees aid it had been their hope that, upon
opening the new banks, it would have been possible to make a cash distribution to depositors through a loan from the Reconstruction Finance
Corporation on the assets of the Baltimore County Bank.
Formal application for this loan was made early last November, it was
stated, but because of many difficulties "beyond their control," no definite
commitment has yet been obtained from the RFC as to the amount of the
loan or when it will become available.

The Baltimore "Sun" of April 16 stated that payment of
a dividend of 10% of the funds on deposit in the Southern
Maryland Trust Co. of Seat Pleasant, Md.(P. 0. Washington, D. C.) and 10% of all recognized claims against that
company was announced the previous day by Lee J.
Naughton, conservator of the trust company. The "Sun"
continuing said:
The payment will aggregate $19,316.97 and will be credited to-day
(April 16) to depositors' and claimants' accounts in the Seat Pleasant
Bank, which has been formed out of the reorganization of the Southern
Maryland Trust Company and supersedes that bank.
MICHIGAN.

The First Savings Bank of Bronson, Mich., opened last
week, according to the "Michigan Investor" of April 14,
which added:
Frank Coward, President of the Bronson Bank, reported 25% more deposits than withdrawals on the first day of business. The People's National Bank of Bronson is at work effecting a reorganization.

We learn from the "Michigan Investor" of April 14 that
distributions to depositors are being made by the following
Michigan banks:
Bank of Kalamazoo, 40% or $2,203,000; Peoples State Bank of Imlay
City. $20,000: First National of Three Rivers, $167,000; Peoples State
Bank for Savings of Muskegon, $27,717.55 by court order; State Savings
Bank of Ionia, $40,000, and Gladwin State Savings Bank, $30,000.
NEW YORK STATE.

Announcement was made April 16 by Joseph A. Broderick,
State Superintendent of Banks for New York, that the
American Bank of Lackawanna, N. Y., which had been
operating on a restricted basis since the bank holiday of
March 1933, has been reopened for unrestricted business.
Concerning the affairs of the Mount Vernon Trust Co.,
Mount Vernon, N. Y., a dispatch to the New York "Times"
under date of April 15 had the following to say:
Because Henry M. Kahle is the only stockholder who has filed a notice
of appeal to the Appellate Division from the order of Supreme Court
Justice Close, allowing the reopening of the Mount Vernon Trust Co. on a
three-point plan, hundreds of petititions were being circulated to-day calling
on Mr. Kahle to drop his appeal.
The bank has been closed on a restricted basis since the bank holiday
declared by President Roosevelt. More than $12,000,000 has been tied
up. Under the court order, the bank expected to reopen to-morrow, but
the appeal of Mr. Kahle blocked this procedure. More than 22.000 depositors are affected by the court action. With a loan of $1,500.000 from
the Reconstruction Finance Corporation, the bank expected to release
55% under the reopening plan. This would allow about $5,000,000 for
distribution among the depositors.
OHIO.

In regard to the affairs of The Chagrin Falls Banking Co.
of Chagrin Falls, Ohio, now being operated by a conservator,
a proposed plan for the resumption of normal business by
the institution was mailed to the depositors under date of
April 17. This plan seeks to avoid a forced liquidation of
assets under present unfavorable conditions, to provide a
50% payoff of restricted deposits, and to restore adequate
banking facilities to Chagrin Falls and vicinity.
0.P. Van Sweringen and two former officials of the defunct
Union Trust Co. of Cleveland, Ohio, namely Joseph R.
Nutt, Chairman of the Board, and Wilbur M. Baldwin,
President, were named in indictments returned on April 13
by the Cuyahoma County Grand Jury. From the Cleveland
"Plain Dealer" of April 14 we quote:

Financial Chronicle

2690

The indictment charges false entry in the books and records of the bank
and false entry in a statement of the bank's financial condition. Mr. Nutt
and Mr. Baldwin are named as principals and 0. P. Van Sweringen is
charged with being an aider and abettor.
The indictment involves a transaction in September 1931, as a result
of which the Van Sweringen Corp. sold to the Union Trust Co. Government
bonds in the amount of $10,112,540.98. Less than 10 days after this sale,
the Union Trust Co. sold the securities back to the Van Sweringen Corp.
The grand jury held that this transaction was entirely fictitious and
made for the sole purpose of enabling the bank to make a better financial
statement as of Sept. 29 1931, than its actual condition warranted. Therefore the alleged false entries were made to deceive, the Indictment charges.
0. P. Van Sweringen issued a statement last night in which he said:
"In September 1931, the Van Sweringen Corp., of which I am President,
had among its assets ten millions of dollars of United States Government
securities. J. R. Nutt, Chairman of the Union Trust Co. knew that the
Van Sweringen Corp. owned such a block of securities, and asked me if
the company would sell them.
"I told him it would and it did. The price was the current price, plus
the accrued interest. Mr. Nutt asked me if we would deposit with the
Union Trust Co. the money we received for the bonds. He offered to post
the bonds as security for such a large deposit if we would do so. This was
a business proposition, and I agreed to it.
"Some time later we were asked if the Van Sweringen Corp. would be
willing to purchase the bonds back from the Union Trust Co. We were
and we did.
"These were open and shut purchases and sales of property for cash.
Now perfectly simple transactions are being construed as having been part
of something claimed to have been done unlawfully by the Union Trust Co.
"Perhaps I am a little old-fashioned, but I still believe we are living in
a government of law, and I feel no concern over the outcome, which is
going to be determined in the unbiased considered judgment of the court,
where all motives, save those in pursuit of Justice, are excluded."
Mr. Nutt, in a statement last night, charged that the indictment .,ad
resulted from months of "critical search for something on which to base a
charge against me" and pointed out that there was no intimation in the
charge that he profited or that the bank lost by the transaction. He assumed full responsibility for suggesting the transactions on which the
indictment was based, but expressed confidence that he would be cleared
of any imputation of wrongdoing.
"Not a word was said about the repurchase of the bonds at the time
of the original transaction," Mr. Nutt said, "and the sale back to the
Van Sweringen Corp. was first suggested by me. I regret that it has
involved Mr. Van Sweringen in this unpleasantness."
Mr. Baldwin said the would have no comment to make on the indictment
last night.
Attorney William H. Boyd has been retained to represent all three men.
PENNSYLVANIA.

Plans for a new bank to replace the closed Real Estate
Savings & Trust Co. of Allegheny, Pittsburgh, Pa., have
been approved by Dr. William D. Gordon, State Secretary
of Banking for Pennsylvania, according to the Pittsburgh
"Post-Gazette" of April 19, which added:
The bank probably will open June 1, when the receiver will have available about $1,500,000 for payment to depositors, according to a reorganization committee headed by Edward A. Young. Other members, who are
soliciting stock subscriptions, are D. L. Clark, Herman P.Brandt, Henry J.
Voegtly and James A. Geltz.
More than two-thirds of the required capital and surplus has been subscribed, Young announced. The new bank will have capital of $200,000
surplus of $100,000 and undivided profits of $12,500.

Making $1,500,000 available to depositors, the First
National Bank at McKees Rocks, Pa., was to open on
April 18, with T. W. Friend as President, John J. Thomas
Vice-President and Earl W. Sutton, Cashier, according to
the Pittsburgh "Post-Gazette" of April 16, which went on
to say:
The new bank replaces the First National Bank of McKees Rocks,
which closed in the bank holiday of March 1933, and has since been on a
restricted basis, with Mr. Friend as conservator.

A dispatch by the Associated Press from Harrisburg, Pa.,
under date of April 12 reported that a charter had been
issued to the Mt. Pleasant State Bank, Mt. Pleasant,
Westmoreland Co., Pa., organized as the successor of the
Citizens' Savings & Trust Co. of that place, which had been
operating on a restricted basis. The new bank, it was
stated, was incorporated with a capital stock of $50,000 by
S. N. Warden, W. S. Leeper and J. B. Goldsmith, all of
Mt. Pleasant.
WISCONSIN.

That a new bank has been organized at Durand, Wis.,
under the title of the Security National Bank, to replace
the First National Bank of that place, is indicated in the
following taken from the Milwaukee "Sentinel" of April 12:
Reorganization of another Wisconsin bank has been completed, it was
disclosed yesterday (April 11) when it was announced that the Comptroller
of the Currency at Washington has granted a charter to the Security
National Bank of Durand, Wig. Capital stock consists of $20,000 common
and $30,000 preferred. John Brunner Jr., is President and G. C. Schelfelbein is Cashier. The bank succeeds the First National Bank of Durand.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
New York Cotton Exchange membership of the Estate of
T. LureIle Guild was sold, April 17, to Homer W. Orvis, for
another, for $20,000, an increase of $100 over the preceding
sale of April 9.
A membership on the Chicago Board of Trade sold,
April 19, at $7,000 net to the buyer, off $200 from the
previous sale.
Charles Prentiss Noyes, who held the sixth oldest membership on the New York Stock Exchange, died at his home in




April 21 1934

New York City on April 16. He was 74 years old, and had
been a member of the Stock Exchange since Oct. 9 1884.
Mr. Noyes's father, Julius M. Noyes, was a member of the
Exchange from 1872 until his death in 1889. The elder
Mr. Noyes founded the brokerage firm of Harriet & Noyes,
which later became J. M. Noyes & Co., of which the son
was a member until it dissolved in.1932. Since then, Charles
Noyes, and his son Julius W. Noyes, also a member of the
Stock Exchange, have been floor traders on the Exchange.
Robert Otis Hayward, partner of Dillon, Read & Co., New
York, investment bankers, died at his home in Bronxville,
N. Y., on April 17. Mr. Hayward, who was an expert on
foreign government financing, was 47 years ago. Mr. Hayward was admitted to the New York bar in 1911. In 1916 he
joined William A. Read & Co., now Dillon, Read & Co., and
in 1926 was made a partner. During the World War he was
a special representative of the State Department in Europe
and was a War Trade Board representative of the United
States in Holland. At the time of his death Mr. Hayward
was also a director of the Brazilian Traction Light & Power
Co., Ltd., of Toronto; the National Depositor Corp., and the
St. Louis-San Francisco RR. Co.
Richard Marshall Coleman, partner in the former banking
firm of Winslow, Lanier & Co., New York, which dissolved
in 1930, died on April 19. He was 56 years old. Mr. Coleman
was removed from his home to Bellevue Hospital following
the taking of an overdose of a sedative which caused his
death. Mr. Coleman entered the banking house of Winslow,
Lanier & Co. in 1896, and was made a partner in 1926. He
retired on Jan. 1 1929. Following the dissolution of the'firm
in December 1930, Mr. Coleman had maintained a mailing
address with Gammack & Co.
The New York Savings Bank, New York City, celebrated
its eightieth anniversary on April 17. It was organized on
April 17 1854. According to its statement as of April 1
1934, it now has more than 56,000 depositors, with deposits
of $68,918,594.

The New York State Banking Department on April 12
approved a reduction in the par value of the capital stock
of the Community Trust Co. of Sayville, N. Y., from $100
a share to $50 a share; an increase in the number of shares
from 1,000 to 3,000, and an increase in the capital stock
from $100,000 to $150,000. to consist of 3,000 shares of the
par value of $50 a share. On the same date the Department
also approved a change in the bank's title from Community
Trust Co. to The Oystermen's Bank & Trust Co.
Ferdinand T. Burger has announced his resignation as
Vice-President and Treasurer of the West Side Trust Co.
of Newark, N. J., according to the Newark "News" of
April 14, which added:
Mr. Burger has been active in local banking circles for a number of
years. He is a past President of the Essex Chapter of the American
Institute of Banking and a member of the Board of Governors for the
last eight years. He has served as Chairman of the educational committee, public affairs forum and committee on public education; has spoken
often on banking and finance before civic clubs and schools and over
the radio.
He is a member of the Board of Trustees of the New Jersey Association
of Credit Men and last year was Chairman of the banking division of the
Newark Community Chest.

Regarding the affairs of the Steneck Title & Mortgage
Guaranty Co. of Hoboken, N. J., former subsidiary of the
defunct Steneck Trust Co. of that city, the New York
"Evening Post" of April 17 carried the following:
Alleged frauchfsnt practices in the affairs of the Steneck Title & Mortgage
Guaranty Co. of Hoboken,*which was closed In June 1931, will he investigated under the direction of the Chancery Court of New Jersey,
Vice-Chancellor Charles M. Egan has decided.
. Francis A. Murphy, attorney for 900 certificate holders, requested
the inquiry, charging that there were indications of gross neglect and
fraud. William H. Kelly, State Banking Commissioner, also asked the
Court to intervene after having conducted its affairs for two years.
"No matter whom it hits, there will be an investigation of the affairs
of this company and a thorough one," said the Vice-Chancellor. "The
officers will have to face the results of the investigation in this and other
courts."

William M. Tuttle, Assistant Vice-President of the
Paterson National Bank in Paterson, N. J., died on April 17
at his home in Glen Rock, N. J. Mr. Tuttle had been
associated with the Paterson National Bank for 35 years.
Recently he became a member of the examining board of
the Home Ownership Building & Loan Association of
Glen Rock.

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Financial Chronicle

2691

Second and partial accounts of the affairs of two closed
Philadelphia banks, the County Trust Co. and the Olney
Bank & Trust Co., both in the possession of the Pennsylvania Banking Department, have been filed in the office
of the Prothonotary of Common Pleas Court, according
to the Philadelphia "Financial Journal" of April 7, which
went on to say:

The First National Bank in Indiana, Indiana, Pa., was
chartered by the Comptroller of the Currency on April 7.
The new bank succeeds The First National Bank of Indiana
and is capitalized at $225,000, $75,000 of which is preferred
and $150,000 common stock. Edward B. Bennett is
President and Paul J. Straitiff, Cashier, of the institution.

Deupty receiver of County Trust Co. reports application has been
made to Reconstruction Finance Corporation for a loan of $762,018 on
a pledge of "substantially all assets of institution." Court will be asked
to authorize receiver to negotiate loan and to direct borrowed money
to be distributed. Securities to be pledged have face value of $3,615,104
and appraised value of $2,887,201, according to report.

According to advices by the United Press from Washington,
D. C., yesterday, April 20, Jesse H. Jones, Chairman of
the Reconstruction Finance Corporation, stated that nearly
a third of the $90,000,000 "Dawes loan," to the Central
Republic Bank & Trust Co. of Chicago bylithe,Corporation,
has been repaid.

Cheeks totaling $343,727.32, representing a 32% payment, were sent April 9 to depositors of the closed Citizens
Trust Co. of Bellevue, Pa., according to State Banking
Secretary Dr. William D. Gordon. This payment, made
possible by a Reconstruction Finance Corporation loan,
brings to 62% the amount restored to depositors since the
bank closed (Oct. 24 1931), with $1,074,127.36 in deposits.
The above information is obtained from the Pittsburgh
"Post-Gazette" of April 10, which also said:
The balance still due this bank's depositors is $408,279.98, Dr. Gordon
said, and to meet this sum he placed the assets at an appraised value
of $199,952.77.
The 32% payment apparently marked the end of a controversy between
depositors and Dr. Gordon over methods of liquidating closed State banks.

John E. Malone on April 11 was elected President of the
Fulton National Bank of Lancaster, Pa., to succeed the late
John C. Carter, according to the Philadelphia "Ledger"
of April 12.
Checks on account of a 10% payment to depositors of
the closed Farmers' State Bank of Hellam, Pa., were being
mailed by the State Banking Department, according to
the Philadelphia "Ledger" of April 7, which added:
The checks represent a third payment to the depositors, or a total of
35%. The institution still has a deposit liability of $139,011 and assets
of an appraised value totaling $64,491.

It is learned from the Pittsburgh "Post-Gazette" of
April 10 that the report of Ernest Ruth, receiver of the
defunct Monongahela National Bank, of Pittsburgh, Pa.,
shows cash on hand March 31 amounting to $71,349.
Three months earlier cash on hand was $93,099. The bank
has paid 65% to depositors. The paper mentioned continued:
It is reported that there is a possibility of a loan from the Reconstruction
Finance Corporation being made available before the end of the first half
of the year which would permit another dividend to depositors.

The Monongahela National Bank closed Oct. 21 1931,
as noted in the "Chronicle" of Oct. 24 1931, page 2713.
The Equitable Trust Co. of Baltimore, Md., effective
April 10 removed its shopping district office from Howard
and Fayette Streets, that city, to more modern and central
offices at Lexington and Liberty Streets.
Acting under authority of the court, John J. Ghinger,
State Bank Commissioner of Maryland and receiver for
the Citizens' Bank of Hurlock, Md., on April 3 mailed
checks to depositors and general creditors of that institution for 10% of their respective balances, according to
the Baltimore "Sun" of April 3, which went on to say:
The payments being made at this time total approximately $25,000.
This institution, located in Dorchester County, was closed by the Bank
Commissioner on Feb. 15 1932, and this is the first distribution to depositors and creditors.

—4—
The Lagonda National Bank of Springfield, Springfield,
Ohio, was granted a charter on April 13 by the Comptroller
of the Currency. The new bank replaces the LagondaCitizens National Bank of Springfield, and is capitalized
at $350,000, made up of $200,000 preferred and $150,000
common stock. H. E. Freeman is President and F. W.
Hartford, Cashier, of the new organization.
—4-E. T. Stringfellow, Deputy Superintendent of Banks,
in charge of the liquidation of the Security-Home Trust
Co. of Toledo, Ohio, which recently paid a 5% dividend,
announced on April 10 that another 5% payment should
be ready in the next two months. Mr. Stringfellow said
this will be made possible also by refinancing of mortgages
through the Home Owners Loan Corporation. The Toledo
"Blade" of April 10, in indicating the above, furthermore
stated:
Mr. Stringfellow said he has $500,000 in cash on hand now and that
it requires about $850.000 for a 5% dividend. Scores of other mortgages
held by the bank are in process of refinancing through the HOLO, he said.




A new Chicago bank, the District National Bank, was to
open on April 18 at 1110 West 35th St., according to an
announcement made April 14 by its President, Clarke Washblame. The new institution which is capitalized at $200,000, consisting of $100,000 preferred stock (subscribed by
the Reconstruction Finance Corporation) and $100,000 common stock, surplus of $30,000 and reserves of $20,000—has
no connection with any other institution, nor were its officers
and directors connected with the Central Manufacturing
District Bank, which formerly occupied the same quarters.
The Chicago "News" of April 14, from which the above
information is obtained, further said in part:
Mr. Washburn° has been connected with loop banking activities for
25 years and more recently served the RFC. C. E. Herrod, Vice-President
of the new bank, was formerly an Assistant Vice-President of the FirstUnion Trust & Savings Bank. W. S. Sadler, Jr., who has been identified
with National bank examinations, has been chosen Assistant Cashier. ...
The opening of the new institution will be celebrated with a luncheon in
the Central Manufacturing District Club, Wednesday (April 18).

The following promotions in the personnel of the First
National Bank of Chicago, Chicago, Ill., were announced
on April 14 by Edward E.Brown,President of the institution:
Carl E. Schiffner, Assistant Cashier in division C, advanced
to Assistant Vice-President in division G; Melvin H. Thies,
Assistant Cashier in the bank's and banker's division, named
Assistant Vice-President; Emerson R. Lewis, Personal Trust
Officer, promoted to Secretary of the trust department, and
Edmund Burke, chief of the clerical staff of special auditors,
advanced to Assistant Auditor.
Albert S. Martin, Second Vice-President in the savings
department of the Continental-Illinois National Bank &
Trust Co. of Chicago, Ill., died on April 13 after an illness
of several months. Mr. Martin, who was born in Chic tgo,
had been in the employ of the Continental-Illinois National
Bank & Trust Co. and its predecessor institutions for 36
years. He was 53 years old.
Three changes in the official staff of the Northern Trust
Co. of Chicago, Ill., were announced by the directors,
following their meeting on April 17, according to the Chicago
"News" of April 18. Harry M. Gustafson, a Second VicePresident, was given the additional title of Assistant Secretary; Irving B. Phillips was appointed a Second VicePresident, and Charles B. Weaver was named an Assistant
Cashier. Mr. Gustafson and Mr. Phillips, it was stated,
were being transferred for service in the trust department
and Mr. Weaver for service in the banking department.
We learn from the Chicago "News" of April 18 that
Charles F. Meyers has been elected Assistant Vice-President
of the American National Bank & Trust Co. of Chicago, and
will be actively engaged in the trust department, according
to an announcement by Lawrence Armour, President of the
institution. The paper mentioned went on to say:
Until recently and for eight years Mr. Meyer was Assistant vice-President
and Trust Officer of the National Boulevard Bank of Chicago. Prior to that
period he was for six years associated with the trust department of the
Northern Trust Co. as Estate Officer and later was for two years VicePresident and Cashier of the Commercial Trust & Savings Bank of Evanston.

The resignation of Hiland B. Noyes as Cashier of the City
National Bank & Trust Co. of Chicago, Ill., was accepted by
the directors at their regular monthly meeting on April 17
and Wilfrid L. Burgess, a Vice-President, was elected to the
vacant office, becoming Vice-President and Cashier. The
Chicago "News" of April 18, in reporting the matter, added:
Mr. Noyes has resigned to engage in business for himself in the field of
public accounting under the name of Noyes, Costello & Co.

The National Bank of Detroit, Detroit, Mich., this week
opened new permanent quarters for the trust department on
the ground floor of the National Bank Building. The trust

2692

Financial Chronicle

department is headed by Henry S. Hulbert, Vice-President
and Trust Officer with C. H. Haberkorn Jr., as Manager.
Other officers of the trust department are: George E.
Parker Jr., Supervisor of Personal Trust Division; George D.
Clark, Supervisor of Corporate Trust Division; Lester E.
Zubrigg, Supervisor of Stock Transfer Division; Edwin G.
Terrell, Supervisor of Safekeeping Division.
The trust investment committee of the bank consists of
the following members: Henry S. Hulbert, Chairman;
Fred J. Fisher, John B. Ford Jr., James Inglis and Walter
S. McLucas.
The Comptroller of the Currency on April 12 issued a
charter to The Iron River National Bank at Iron River,
Mich. The new organization replaces The First National
Bank of Iron River and The Caspian National Bank of
Caspian, and is capitalized at $62,500. Earl J. Van Ornum
and Henry J. Vesser are President and Cashier, respectively,
of the new institution.
As of April 6 a charter was granted by the Comptroller
of the Currency to The Security National Bank of Durand,
Durand, Wis. The new organization succeeds The First
National Bank in Durand and is capitalized at $50,000,
consisting of $30,000 preferred and $20,000 common stock.
John Brunner, Jr., is President, and G. C. Scheifelbein,
Cashier.
A charter was issued by the Comptroller of the Currency
on April 9 to The Rapid City National Bank, Rapid City,
S. D. It succeeds the Pennington County Bank of that
place and is capitalized at $100,000, consisting of $50,000
preferred and $50,000 common stock. Roy Dean and
A. E. Dahl are President and Cashier, respectively, of
the new institution.
Effective March 20 last, The Villisca National Bank,
Villisca, Iowa, with capital of $60,000, was placed in voluntary liquidation. It was replaced by the Nodaway Valley
National Bank of Villisca.
Effective April 9 1934, the First National Bank in Independence, Independence, Kan., capitalized at $300,000, was
placed in voluntary liquidation. The Citizens' National
Bank in Independence, is the successor institution.
The First National Bank at Marianna, Marianna, Ark.,
was chartered by the Comptroller of the Currency on
April 7. The new institution succeeds The Lee County
National Bank of Marianna and is capitalized at $50,000,
consisting of $25,000 preferred and $25,000 common stock.
0. L. Williamson is President and Elgan C. Robertson.
Cashier, of the new bank.
The Comptroller of the Currency on April 5 granted a
charter to the National Bank of Caruthersville, Caruthersville, Mo. The new bank is capitalized at $50,000. E. L.
Abington is President of the institution, while A. B. Rhodes
is Cashier.
Removal of the Bank of Oakman at Oakman, Ala., to
Jasper, Ala., is indicated in the following dispatch from
Jasper on March 31 appearing in the Birmingham "AgeHerald":
Plans are being completed here for opening a second bank in Jasper.
Local business men are co-operating with Walker and Fayette County
financiers in the undertaking, in which it is planned to move the Bank
of Oakman to Jasper. Stockholders of the Oakman bank voted recently
to make the move. B. M. Richards, of Oakman, is President of the
bank. It is planned to open the new bank in the building formerly occupied
by the Jasper Trust Co.

Wirt Davis was elected Chairman of the board of the
Republic National Bank & Trust Co. of Dallas, Tex., at
the regular monthly meeting of the directors on April 10.
He succeeds the late W. 0. Connor. Mr. Davis, who has
been connected with the institution since its establishment
in 1920, has recently been serving as Vice-Chairman of the
board, a post which is now abolished. The above information is obtained from the Dallas "News" of April 11,
which also had the following to say in part:
Although still interested in the law, having appeared as an attorney in
a civil suit in South Texas within recent weeks, Mr. Davis has been mainly
interested in business for many years. He has long been an important
factor in the lumber industry of Texas. . . . He is also actively interested in the oil _industry and is a large landholder, including farms and
ranches. . . .
The Republic Bank was organized on Feb. 14 1920 as the Guaranty Bank
& Trust Co. In 1929 the Republic and the North Texas National banks
were consolidated and at present it has a capital structure of $7,000,000.




April 21 1934

Including 81,000,000 surplus. Leslie Waggener is Chairman of the executive committee and F. F. Florence is President.

A charter was issued on April 13 by the Comptroller of
the Currency for the First National Bank in Groveton,
Groveton, Tex. The new institution succeeds The First
National Bank of Groveton, and is capitalized at $100,000,
consisting of $50,000 preferred stock and $50,000 common.
L. P. Atmar is President and R. R. Robb, Cashier, of
the institution.
On April 10 the Comptro-ller of the Currency issued a
charter to The First National Bank of Goose Creek, Goose
Creek, Tex. It succeeds the Security State Bank of Goose
Creek and has a capital of $75,000, made up of $50,000
preferred stock and $25,000 common stock. W. W. Moore
is President and M. S. Kerby, Cashier, of the new institution.
The Comptroller of the C- urrency on April 12 granted
a charter to The First National Bank of Riverton, Riverton,
Wyo. The new institution is capitalized at $50,000, half
of which is preferred and half common stock. W. J. Otto
is President and Carl W. Hee, Cashier, of the new bank.
Effective March 26 last T-he Hollywood National Bank
of Los Angeles, Calif., was placed in voluntary liquidation.
The institution, which was capitalized at $200,000, was
absorbed by the Seaboard National Bank of Los Angeles.
-of the Crocker First National
Wm. H. Crocker, President
Bank of San Francisco, Calif., and the Crocker First Federal
Trust Co., announced on April 18 that at meetings of the
boards of directors of both banks a plan of consolidation
has been agreed upon whereby the two institutions will
be consolidated under the name of Crocker First National
Bank of San Francisco. Mr. Crocker said:
The ownership of the two banks is identical and the stock of the National
Bank has always carried with it a proportionate interest in the stock
of the Trust company. Under the terms of the Banking Act of 1933 it
would be necessary before June 16 to discontinue this practice and to
issue directly the stock of the Crocker First Federal Trust Co. Inasmuch as both banks have always been operated as one unit, it was deemed
advisable to make a consolidation at this time so that a continuance of
the same manner of operation could be assured. The new institution
will succeed to the present business of the two banks and will have a combined capital, surplus and undivided profits in excess of 812,500,000.
The management will remain the same.

Controlling interest in the F- irst National Bank of Baker,
Ore., one of the oldest financial institutions in eastern
Oregon, has been purchased by J. W. Stuchell, wholesale
grocer of that city. The Portland "Oregonian" of April 11,
from which the foregoing is learned, also said:
It is understood Mr. Stuchell will assume active charge of the bank
Immediately and it is presumed will either be elected President or Chairman
of the board.
Control of the bank was secured by purchase of the interests of some 25
stockholders, including the estate of the late William Pollman, for many
years President of the institution. It was understood that the total
consideration, while not revealed, was considerably in excess of 8200,000.
Purchase of the institution followed weeks of negotiation, during which
its sale to outside interests was considered likely. As soon as it became
known that control might pass to non-resident hands, plans were formulated to retain ownership in Baker, and Mr. Stuchell actively entered
the picture.
Announcement made in Baker by the now purchaser said that all present
directors of the bank would be asked to remain.
Officers of the bank are: John Schmitz, President; 0. J. Bartlett and
Fred H. Moes, Vice-Presidents; Joe Rogers, Cashier.
The bank was established in 1883 and is known as one of the substantial
institutions of the great eastern Oregon territory. It has capital of 8200,000
and surplus and profits in excess of that amount.

The Army National Bank of Fort Lewis, Fort Lewis,
Wash., with capital of $25,000, was placed in voluntary
liquidation on April 3 1934. The institution was taken
over by The National Bank of Tacoma, Wash.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York stock market has been somewhat unsettled this week, and while the tendency has been toward
higher levels there have been a number of reactionary
periods during which the price trend was sharply downward. Amusement shares, rubber iErsues and specialties
have attracted most of the speculative attention, though
railroad stocks have been fairly steady and industrial shares
have had brief periods of strength. In the forepart of the
week trading was dull and without noteworthy feature,
but the volume slowly increased as stocks extended their
advances though, on the whole, the changes continued
within a narrow channel. Scattered selling has been in
evidence from time to time, but was usually quickly absorbed and had little or no effect on the market movements.

Volume 138

Financial Chronicle

Call money renewed at 1% on Monday and continued
unchanged at that rate throughout the entire week.
Preferred stocks, particularly those of investment grades,
were in demand during most of the short session on Saturday,
and while the general list pushed slowly upward, the volume
of business was small due to the fact that many traders were
unusually careful in making commitments pending the result
of President Roosevelt's week-end conference with Congressional leaders on matters of major legislation. Public
utility shares attracted some attention as they held firmly,
despite the easing tendencies of the general list. The bulk
of the turnover was contributed by the low-priced stocks,
Warner Brothers showing the sale of one block of 11,500
shares at 73
4. Packard Motors, Radio Corp. and Armour
A were also active. Industrial shares made a fairly good
showing, but rails were still affected by the decrease in the
weekly carloadings resulting from the decline in coal traffic.
Steel stocks were moderately strong for a time, but failed
to hold its advance. Oil issues eased off and motors weakened, though manufacturers insisted that incoming orders are'
holding up well despite price advances. Merchandising and
food prices held up well and specialties acted nicely, but did
nothing spectacular. The changes for the day were small,
and while there were occasional exceptions, the major portion
was on the side of the decline. Prominent among the latter
were Glidden Co. pref. (7), 2 points to 100; M. A. Hanna
pref. (7), 25
% points to 933%; Industrial Rayon (5), 23
/
3
points to 873%; Kresge Dept. Stores pref., 2 points to 45;
National Supply Co. pref., 2 points to 53; Radio Corp. pref.
A, 23% points to 35; and Western Union Telegraph Co.,
13 points to 553%.
Heavy selling as a result of the Washington developments
concerning the Exchange control bill was the outstanding
feature of the trading on Monday. Leading shares dipped
from 1 to 3 or more points, Auburn Auto leading the down5 points. Radio Corp. pref.(B) moved
turn with a loss of 3%
contrary to the market trend and closed with a net gain of
13% points at 313%. Principal changes were on the downside,
the recessions including among others such active stocks as
American Beet Sugar pref. 53% points to 63; Armour of Ill.
pref., 3 points to 70; Bayuk Cigar, 2% points to 3414;
Bloomingdales pref. (7), VA points to 963%; J. I. Case Co.,
33
4 points to 68; Central RR. of N. J., 3 points to 75;
Federal Mining & Smelting, 16 points to 85; New Haven
pref., 23
4 points to 293%; Owens-Ill. Glass, 2 points to 86;
Republic Steel pref., 3 points to 5832; United States Smelting
& Refining, 33% points to 1233%, and Universal Pictures 1st
pref., 2 points to 44.
Public utilities and miscellaneous industrials registered
small gains during the moderate rally on Tuesday. Trading
was quiet, however, and there was little or no liquidation.
Scattered short covering was apparent in the motor stocks,
and the rubber and merchandising shares firmed up toward
the end of the session. United States Rubber attracted
considerable speculative attention, both common and
preferred giving a good account of themselves, and amusements were fairly steady, but made little progress upward.
Oil stocks and alcohol shares were practically at a standstill. As the market closed a few popular favorites showed
small losses, but the majority of the changes were on the
upside. These included among others, Allied Chemical &
Dye, 33/i points to 152; American Beet Sugar pref., 3 points
to 66; American Tel. & Tel., 2 points to 1207
%; Armour of
Illinois pref., 3 points to 73; Brooklyn-Manhattan Transit
pref. (6), 3 points to 87; Cushmans Sons pref. (8), 6 points
to 76; General Printing Ink pref. (6),6 points to 85; National
% points to 1473%; Spalding 1st pref., 5 points
Lead (5), 43
to 65; United States Rubber 1st pref., 2 points to 513%;
West Penn Power pref. (6), 3 points to 100, and Wilson &
Co. pref. (332), 2% points to 813%.
Stocks again moved upward on Wednesday, extending the
rally that developed in the late trading on Tuesday. Miscellaneous issues were up about 2 points, and while sentiment showed much improvement, trading continued in small
volume and the buying was scattered over a considerable
part of the list. Preferred stocks were again in demand
some of the more popular issues breaking into new high
ground for 1933-1934. Public utilities were down during
the opening hour, but improved as the day progressed.
Rubber stocks, amusements and merchandising issues were
in demand at higher prices and motor shares moved sharply
forward under the leadership of General Motors and Chrysler,
both of which showed good gains for the day. Other outstanding strong spots in the early trading included Radio




2693

pref.(B), United Aircraft, United States Smelting & Refining
and United States Rubber pref. Some profit taking was in
evidence during the first hour, but this was readily absorbed
and made little impression on the market movements.
Outstanding among the gains were American Commercial
Alcohol, 2% points to 503
4; Amer. Tel. & Tel. (9), 23%
3
points to 1233%; American Tobacco B (5), 2% points to 74%;
Crucible Steel pref., 73/ points to 70; Green-Cananea
Copper, 5 points to 35; Liggett & Myers (5), 4 points to
9532; National Lead (5), 13 points to 1603%; United Fruit
(23/
2), 33% points to 733
4;and Wright Aero, 2 points to 573/2.
Stocks were somewhat irregular during the early dealings
on Thursday, but the trend turned upward in the last hour
and there were a number of substantial gains at the close.
Scattered selling appeared from time to time, but made little
impression on the market movements. Rubber stocks, food
shares and merchandising issues were the features of the
trading, particularly in the final dealings. During the morning transactions, Canadian gold mining stocks dipped more
than two points following the proposal of a 10% tax on gold
mined in the Dominion. The improvement in the final hour
did not extend to all parts of the list as there were exceptions
in several important groups, notably the tobaccos in which
a number of active stocks were unsettled and the motors,
particularly Auburn Auto which tumbled 35% points to
4532. Included among the gains registered at the close of
the session were Adams Express pref. (5) 23% points to 773%,
American Chain pref. 43/i points to 303/s, Brooklyn Queens
Transit pref. (6) 33
4 points to 493%, Laclede Gas 23% points
to 423%, Cushmans Sons pref. (8) 33% points to 793%, Pittsburgh Steel pref. 2 points to 40, Standard Brands pref. (7)
23% points to 124
United States Rubber 1st pref. 53%
points to 59, West Penn Electric A (7) 2 points to 67, West3)2 points to 90 and Virginia Electric
inghouse 1st pref. (33/
& Power pref. (6) 23% points to 76.
Aircraft stocks were hi demand on Friday due to the
opening of bids for temporary air-mail contracts. The
improvement in this group extended to the rest of the market
and around noon prices all along the line were moving higher.
Some of the leaders sagged around a point, but soon got
in line again and worked upward with the rest of the list.
Railroad stocks were prominent in the advance and so were
the preferred shares among the metals, rubbers and specialties. Other strong stocks were Eastman Kodak and CocaCola, the latter reaching a new top for 1934. Among the
gains recorded at the close were American Chain pref
37/s points to 34; A. M. Byers pref., 43% points to 66; Gulf
States Steel pref., 4 points to 83; Homestake Minmg,9
points to 365; United States Industrial Alcohol, 2 pomts
to 54, and Wright Aero, 5 points to 61.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.

Week Ended
April 20 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

501,160
1,290,650
944,275
1,540,350
1,325,000
1,887,380

$6,678,000
11,241.000
9,860,000
11,600,000
10,982,000
12,974,000

,AOO 1215 227 11X /Inn

Sales at
New York Stock
Exchange.

60,191,000
2,431,500
2,079,000
2,227,000
2,279,000
2,371,000
210 A72

1934.

1933.

$1,774,000
3,771,000
2,579,000
1,589,600
2,201,900
3,113,300

$9,643,000
17,443,500
14,518.000
15,416,600
15.462,900
18,458,300

roil Ron

500042.200

SlA

Jan. 1 to April 20.

Week Ended April 20.

1933.

1934.
162,368,312

90,092,510

$178,905,900
261,211,500
962,877,000

$185,620,000
214,360,000
470,888.900

$90,942,300 $85,364,000 31,402.994,400

$870,868,900

Stocks-No.of shares7,488,815 20,828,932
Bonds.
Government bonds_ _ _ $15,028,800 $24,256,000
12,578,500 19,251,000
Stare & foreign bonds_
Railroad ds misc. bonds 63,335,000 41,857,000
Total

Ann

Total
Bond
Sales.

United
States
Bonds.

Railroad
Stocks.
State.
Number of and Miscell. Municipal 42
Shares.
Poen Bonds.
Bonds.

DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Week Ended
April 20 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. orpplc NM/3M

Boston.

Baltimore.

Philadelphia.

Shares. Bond Sala. Shares. BondSales. Shares. BondSales.
9,926
$6,500
22,091
13.100
16,031
26,000
25,023
13,000
HOLI DAY
5,833
21,000

8,949
13,571
9,006
15,674
13,007
10.660

319,000
36,500
6,000
13.500
3,000

416
2,712
3,027
4.089
2,769
4,732

313.800
7,000
13,600
3.000

78.904

$79,600

70,867

$78,000

17,745

$37,300

142 2611

152 940

as ass

trdi

ann

7 an

5574110

THE CURB EXCHANGE.
Stocks on the Curb Exchange have shown considerable
irregularity during the present week, and while there have
been numerous periods of decline, the tendency, particularly
during the last half of the week, has been toward higher
levels. Trading has been quiet and without noteworthy
movement except on Thursday, when Canadian gold mining

2694

Financial Chronicle

stocks tumbled downward due, in a measure, to the announcement of a 10% gold tax in the Dominion budget.
Some profit taking was apparent on Monday and shares
eased off, the declines extending to all sections of the list.
Industrial specialties were in moderate demand and there
was some interest displayed at times in the public utilities,
but the changes were comparatively small.
On Saturday the curb market developed a moderately
firm tone, though trading was quiet and the turnover small.
Some of the industrial specialties worked gradually higher
and stocks like Parker Rust Proof, Sherwin Williams,
Safety Car and New York Steam moved slightly higher.
In the oil division, International Petroleum was fairly active,
while Imperial Oil of Canada was briskly traded in at higher
levels. The movements in the public utility group were
narrow and alcohol stocks were inclined to sag. Metals were
inactive and mining shares showed varying degrees of
activity.
The volume of trading was extremely light on Monday as
most of the active stocks started the new week with narrow
changes. Specialties were slightly stronger than the rest
of the list, though the changes were small and without special
significance. Aluminum Co. of America moved contrary
to the trend and recorded a gain of 3 or more points at its
top for the day. Pittsburgh Plate Glass attracted considerable buying, particularly in the early dealings when the price
ran up about 2 points. American Cyanamid B,Swift & Co.,
Standard Oil of Indiana and Cord Corp. were fairly steady
and Great Atlantic & Pacific Tea Co. showed a substantial
gain around the first hour but lost most of its advance later
in the day. Alcohols were quiet and public utilities fluctuated back and forth without definite trend. Around
noon time considerable profit taking was in evidence, but
this dried up as the day progressed. In the public utilities
group, Electric Bond & Share sagged and American Gas &
Electric and United Light & Power were lower.
Oil securities moved to the front on Tuesday as the market
resumed its quiet trading. Price changes, however, were
small and only a few prominent issues developed any volume.
Mining stocks were moderately steady, and while some interest was apparent in this group during the morning dealings,
there was little change from the preceding close. The
public utility group had a firm undertone but was not
especially active. Great Atlantic & Pacific Tea Co. was off
two points on the initial turnover and Newmont and Aluminum Co. of America sold off more than a point. Alcohol
stocks moved within a narrow range. Greyhound Corp.
was a trading favorite but made little change from the close
of the previous day.
Industrial stocks featured the trading on Wednesday,
and while the dealing was small in volume, interest centered
largely around this group. Public utilities also displayed
moderate improvement due to the advance in the power
output figures for last week. In the oil section, Creole
Petroleum was again active at higher prices, while International Petroleum attracted renewed buying, though the
gain was somewhat smaller. Greyhound Corp. moved
ahead about a point and Montgomery Ward A, Sullivan
Machinery and Pittsburgh Plate Glass showed gains ranging
from fractions to 2 or more points. American Cyanamid B,
Swift & Co. and American Can were firm and New. Jersey
Zinc rallied about a point as the market closed.
Canadian gold stocks slipped backward during the early
trading on Thursday, the weakness in this group being due
largely to the announcement of the Dominion's 10% gold
tax. These stocks were offered freely during the opening
hour, but the group was consistently heavy throughout the
session. In the public utility list, Electric Bond & Share
and American Gas & Electric were lower, while Niagara
Hudson and United Light & Power were fairly firm. Oil
stocks were practically at a standstill and most of the alcohol
shares sold off. In the miscellaneous industrial group many
of the active trading favorites were firm but there were few
gains.
Small price movements and a somewhat broader list
characterized the dealings on the Curb Exchange on Friday.
Public utilities led the modest upward swing, and while the
gains were small, the group was fairly strong throughout
the session. Mining stocks were quiet and failed to recover
much of the loss of the previous day, though Wright
Hargreaves managed to hold part of its gain. A. 0. Smith
moved lower and gold shares were dull and showed only
fractional changes. Public utilities were generally firm,
though the gains were not especially noteworthy. Gulf Oil
and Standard of Indiana showed moderate improvement,




April 21 1934

but Humble Oil made little change. As compared with
last week, many of the popular favorites were higher,
American Gas & Electric closing on Friday at 2934 against
26% on Friday of last week, American Light & Traction
(1.60) at 1634 against 153, American Superpower at 334
against 334, Atlas Corp. at 14 against 1334, Consolidated
Gas, Baltimore, (3.60) at 5934 against 59, Creole Petroleum
at 1334 against 1134, Electric Bond & Share at 1734 against
1734, Gulf Oil of Pennsylvania at 6734 against 6734, Hudson
Bay Mining at 14 against 1334, International Petroleum
(1.12) at 27 against 25%, Niagara Hudson Power at 634
against 634, Parker Rust Proof at 66 against 6534, Pennroad
Corp. at 334 against 334, Standard Oil of Indiana at 2734
against 2734, Swift & Co. (%) at 1834 against 18, United
Gas Corp. at 334 against 3, United Light & Power A at
434 against 3%, United Shoe Machinery at 6734 against 67
and Utility Power at 134 against 134.
A complete record of Curb Exchange transactions for
the week will be found on page 2725.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
April 20 1934.

Stocks
(Number
of
Shares).

152,915 $3,452,000
262,305 5,427,000
245,455 4,413,000
360,625 5,706,000
355,030 5,399,000
346,106 7,744,000

$56,000
105,000
175,000
117,000
108,000
55,000

1,722,436 $32,141,000

$616,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Bonds (Par Value).
Foreign
Foreign
Domestic. Government Corporate.

1934.

$561,000 $33,318,000
Jan Ito April 20.

Week Ended April 20

Sales at
New York Curb
Erchange.

Total.

$40,000 $3,548,000
113,000 5,645,000
71,000 4,659,000
124,000 5,947,000
147,000 5,664,000
66,000 7,865,000

1934.

1933.

1933.

2,471,496
Stocks—No,of shares_
1,722,436
Bonds.
Domestic
$32,141,000 $18,856,000
482,000
Foreign government_ _
616,000
782,000
Foreign corporate
561,000

28,780,986

12,031,290

$368,363,000
14,268,000
12,934,000

$247,459,000
10,524,000
14,476,000

$33,318,000 $20,120,000

$395,565,000

$272,459,000

Total

COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a substantial
increase as compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ended
to-day (Saturday, April 21) bank exchanges for all cities of
the United States from which it is possible to obtain weekly
returns will be 53.8% above those for the corresponding
week last year. A part of this gain is due to the fact that
last year many of the banks were operating on a restricted
basis. Our preliminary total stands at $6,188,142,212,
against ,022,956,977 for the same week in 1933. At this
center there is a gain for the five days ended Friday of 53.8%.
Our comparative summary for the week follows:
Clearings—Returns by Telegraph.
Week Ended April 21.

1934.

—

Per

1933.

cent.

New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans

$3,595,398,068
201,573,574
276,000,000
177,000,000
64,644,696
56,100,000
101,100,000
74,265,536
59,884,341
50,032,013
43,796,102
25,303,000

$2,083,190,210 +72.6
139.390,573 +44.6
173,000,000 +59.5
128,000,000 +38.3
44,912,772 +43.9
45,500.000 +23.3
72,576,000 +39.3
56,950,196 +30.4
7,513,195 +697.1
32,476,474 +54.1
29.080.446 +50.6
11,350.000 +122.9

Twelve cities, 5 days
Other cities. 5 days

$4,725,097,330
515,021,180

$2,823,939,866
404,440,945

+67.3
+27.3

Total all cities, 5 days
All cities, 1 day

$5,240,118,510
948,023.702

$3,228,380,811
794,576,166

+62.3
+19.3

$6.188,142.212

54.022 OAR 077

_Lica 2

Tntal all ritlar Inr weak

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended April 14. For
that week there is an increase of 67.0%, the aggregate of
clearings for the whole country being $5,609,064,027, against
$3,357,861,263 in the same week in 1933. A part of this
increase is due to the fact that many of the banks in the
country in this week last year were still operating on a
restricted basis and that Good Friday, which day is observed as a holiday in many cities, fell in this week last year.
Outside of this city there is an increase of 50.9%, the bank
clearings at this center having recorded a gain of 76.5%.
We group the cities according to the Federal Reserve dis-

Volume 138

Financial Chronicle

triets in which they are located and from this it appears
that in the New York Reserve District, including this city,
the totals record an expansion of 74.9%, in the Boston
Reserve District of 40.0%, and in the Philadelphia Reserve
District of 77.1%. In the Cleveland Reserve District the
totals are larger by 55.0%, in the Richmond Reserve District by 55.8%, and in the Atlanta Reserve District by
43.9%. The Chicago Reserve District has to its credit
a gain of 77.9%, the St. Louis Reserve District 37.9%,
and the Minneapolis Reserve District 32.0%. In the Kansas
City Reserve District the increase is 34.6%, in the Dallas
Reserve District 40.1%, and in the San Francisco Reserve
District 27.7%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

Week Ended Apr. 14 1934.

1934.

Inc.or
Dec.

1933,

1932.

1931.

Federal Reserve Mats.
$
let Boston_ _ _ _12 cities
229,103,382
2nd New York_ _12 "
3,827,678,970
3rd Philadelpla 9 "
312,303,919
4113 Cleveland__ 5 "
201,422,056
5th Richmond.6 "
98,718,699
6th Atlanta____10 "
100,571,397
7th Chicago.
._19 "
345,853,992
8th 81.Louis_ __ 4 "
103,976,023
9th Minneapolis 7 "
72,923,055
10th Kansas City10 "
97,720,676
11th Dallas
5 "
41,911,978
12th San Fran_ _13 "
175,848,880

$
163,697,303
2,188,681,222
176,299,167
129.920,777
63,368,013
69,856,495
194,388,306
76,140,913
55,236,416
72,623,910
29,926,979
137,711.762

'rota'
112 cities
Outside N. Y. City

5,609,064,027
1,871,861,230

3,357,861,263 +67.0
1.240,359,428 +50.9

5,281,402,144
2,030,199.402

9,166,267,735
3,150,125,952

204 400 ArA

203 852.210 4-526

230.524.746

342.892.037

flanmila

29/41*m

%
+40.0
+74.9
+77.1
+55.0
+55.8
+43.9
+77.9
+37.9
+32.0
+34.6
+40.1
+27.7

$
$
291,955,215
500,684,524
3,364,160.943 6,164,879,220
315,692,839
434,104,152
210,541,365
346,633,328
111,619,887
149,348,096
92,918,173
131,848.658
387.516,674
701.095.709
98,727.265
144,375,244
71,320,138
101,944,777
105,333,409
149,183,504
38,579,729
57,092,682
193,036,507
285,677,841

We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended April 14.

Clearings at-

First Federal
Me.-Bangor _ _
Portland
Mass.-Boston_ _
Fall River. _ _
Lowell
New Bedford_
Springfield
Worcester
Conn.- Hartford
New Haven_
R.1.-Providence
N.H.-Manches'
Total(12 cities)

1934.

1933.

5

$

fat. OF
Dec.

%
Reserve Dist riot-Boston-

1932.

$

1931.

$

495,581
1,619,160
201,338,589
703,315
338,213
641,628
2,633,833
1,207,599
8,424,013
3,198.411
8,108,100
394,940

356,473
834,805
143,739,221
474,337
251,095
414,571
2,617,797
847,401
5,970,612
2,220,562
5,671,600
298,829

+39.0
+94.0
+40.1
+48.3
+34.7
+54.8
+0.6
+42.5
+41.1
+44.0
+43.0
+32.2

435,160
2,229,321
254,299,355
830,595
346,368
704,348
3.807.503
2,213,881
8,612,125
6,425,265
11,627,500
423,794

603.899
4,008,539
448,854,118
1,369.004
521,037
1,147,849
5,268.443
2,861.985
14.997,777
7,850,576
12,722,200
479,107

229,103,382

163,697,303 +40.0

291,955,215

500,684,524

Second Fade al Reserve D Istrict-New
N. Y.-Albany _ _
7,035.532
7,087,417
Binghamton _ _ _
678.000
708,415
Buffalo
27,709,478
22,763,317
Elmira
450,250
569.129
Jamestown _
423,697
331.025
New York _
3,737.202.7972,117,501.835
Rochester
5,979.460
4,782.733
Syracuse
2,787.860
2,640,271
Conn.-Stamford
2,319,003
2,069,402
N. 1.-Montclair
278,742
450,275
Newark
17,469,387
11.922,412
Northern N. J_
25,344,824
17.856,991

York-0.7
9,392,459
7.795.985
-4.0
728,444
1,256,297
+21.7
28,832,581
44,239,372
-20.9
724.541
1,123,485
+27.8
637,235
895,135
+76.5 3,251,202,742 6,016,141,783
+25.0
7,385,668
10,155,581
+5.6
3,466,915
4.987,701
+12.1
2,648.829
3,534.913
-38.1
750,200
968,263
+46.5
23,768,460
33,703,526
+41.9
34,622,869
40.077.179

Total(12 cities) 3,827,678,970 2.188,681.222 +74.9 3,364,160,943
6,164,879,220
Third Fedora
Pa.-Altoona
Bethlehem
_
Chester
Lancaster
Philadelphia
Reading
Scranton
Wilkes-Barre
York
N.1,-Trenton.
Total(0 cities)

Reserve Dis trict-Phila delph
. I a344,546
206,924 +66.5
561,338
b
b
b
242.434
207.185 +17.0
454,206
845,374
527,956 +60.1
1,347,683
302,000,000 169,000,000 +78.7 303,000,000
946,099
655,849 +44.3
2,293.966
2,136.378
1,595.494 +33.9
2,196.953
1,324,900
1,261,711
+5.0
1,922,256
1,240,188
760,048 +63.2
1,381,437
3,225,000
2,084,000 +54.8
2,535.000
312,304,919

626,362
b
987,845
2,951,385
412,000,000
3,228,284
4,632.168
2,968,730
2,181,378
4,528,000

176,299,167 +77.1

315,692.839

434,104,152

Fourth Fede r al Reserve D Istrict-Clev elandOhio-Akron.._
C
c
c
Canton
C
c
c
Cincinnati....
42,151,226
31,943,177 +32.0
Cleveland. _. 61,925,421
36.087,536 +71.6
Columbus._ _ .
8,373,700
8,849,500 +22.3
Mansfield... .
1.093.702
819.010 +33.5
Youngstown _
b
b
b
Pa.-Pittsburgh .
87,878,007
54,221,554 +62.1

C
c
43,835.835
72.624,456
8,793,600
1,134,230
b
84,153,244

c
c
61,929,112
120,854.063
15.164,600
1,805,119
b
146,280,434

129,920,777 +55.0

210,541,365

346,033,328

Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'to 1
132,530
111,453 +18.9
Va.-Norfolk _.
1,962,000
2,003,000 -2.0
Richmond
.
243,265.666
20,838.383 +28.0
C.-Charlesto
3
945,149
S.
493,224 +91.6
Md.-Baltimore.
54,046,955
30,669,880 +76.2
D.C.-Washing' 3
15.366,399
9,252,073 +66.1

453,600
2.986,086
25,695.148
1,021,634
60,249,033
21,214,386

680,676
3,532,084
36.043,877
2,201,464
80,534,180
26,355,835

63.368,013 +55.8

111,619.887

149,348,096

Sixth Federal Reserve Dist riet-Atiant aTenn.-Knoxville
2,622,294
4,687,346 --44.1
11,542,252
Nashville _ _
7,851,840 +47.0
Ga.-Atlanta.. _ .
37,100,000
26,800,000 +38.4
1,121.744
.
816,917 +37.3
Augusta
563,821
Macon
391,613 +44.0
-Jack'nvill
a
12,122,000
7,494,668 +61.7
Fla.
Ala.-Birm'ham.
11,744,871
7,766,634 +51.2
957,345
Mobile
703.913 +36.0
b
'b
Miss.-Jackson
b
108,224
100,084
Vicksburg-+8.1
22,688.846
13,253,480 +71.2
La.-New OrIe3xE3

2,662,802
10,372,731
32,700.000
938,527
498.525
10,480,209
8.454,364
869,172
b
115,607
25,826,236

1,750,000
14,041,327
41,002,453
1.552,954
740,363
14,875,501
16,808,587
1.277,002
b
149,340
39,851,131

92,918.173

131,848,658

Total(5 cities).

Total(6 cities).

Total(10 cities I

201,422,056

98.718,699

100,571,397




69,866,495 +43.9

2695
Week Ended April 14.

Clearings al
1934.

1933.

Inc. or
Dec.

Seventh Feder al Reserve D strict-Chi Cag0
Mich.-Adrian
54.608
Ann Arbor..
364.985
450,485
Detroit
71.463.884
8.203,181 +771.2
Grand Rapids.
1,644,647
803,135 +104.8
Lansing
844,192
158,820 +431.5
Ind.-Ft. Wayne
584,928
324,438 +80.3
Indianapolis_ _ _
11,363,000
8,388,000 +35.5
South Bend_ _ _
954,176
471,443 +102.4
Terre Haute
3,945,284
3,006,888 +31.2
Wis.-Milwaukee
16,898,959
9,910,503 +70.5
Ia.-Ced, Rapids
299.211
Des Moines_ _ _
5,642,257
3.375,000
Sioux City
2,299,294
1,547,244 +48.6
Waterloo
Ill.-Bloomington
338,180
191,234
Chicago
224,763,493 154,200,000 +45.8
Decatur
500,857
414,984 +20.7
Peoria
2,471,849
1,822,752 +35.6
Rockford
637,574
410,442 +55.3
Springfield....
782,614
709.757 +10.3

1932.

1931.

119,045
511,345
68,804,593
2,903,061
1.200,300
1,156,824
12.988,600
1,235,540
3,267,675
17,618,033
723,323
5,463,244
3.003,614

193,943
644.677
140,293.698
4,592,024
2,522,602
2,717,833
17,216,000
2,931,913
4,421,961
25.316,258
2,758,231
7,021,104
3,921,305

1,114,328
261,357,736
650,854
2,570,675
1,027.928
1,800,556

2,074,583
474,023,378
1,029,436
3,478,789
3,012.508
2,925.466

194,388,306 +77.9

387,516,674

701,095.7W

Eighth Fedora Reserve Dia trict-St.Lo UIS-tad -Evansville.
Mo.-St. Louis..
66,700,000
50,600,000
Ky.-Loulaville _
24,110318
17,464,576 +38.1
Tenn.- Memphis
13,794,605
8,076,337 +70.8
111.- Jacksonville
Quincy
371.000

67,400,000
20,033,281
10,740,278

103,900.000
25,691,597
13,876,622

Total(19 cities)

345,853.992

553,7C6

907.025

76,140,913 +37.9

98,727.265

144,375,244

Ninth Federal Reserve Dist Het-Mune spoils
Minn.-Duluth_ _
2,005,062
1,807,873 +24.7
Minneapolis _ _ _
47,791.984
37,922,749 +26.0
St. Paul
18,519,841
11,573,889 +60.0
N. Dak.-Fargo
1,856.459
1,520,379 +22.1
S.D.-Aberdeen.
432,068
477,106 -9.4
Mont.-Billings
380,316
285,038 +33.4
Helena
1,937,325
1,849,382 +4.8

2397.028
48,153.892
16,213,854
2,115.750
619,416
377,037
1,643,161

3,457,640
68,252,909
23,110,987
2,497.648
897,533
562,739
3,165,321

55.236,418 +32.0

71,320,138

101,944,777

Tenth Federal Reserve Die trict-Kans as City
Neb. Fremont.
70,903
42,432 +67.1
Hastings
64.301
Lincoln
2,109,095
1,504,739 +lb:i
Omaha
25,954.707
16,834,936 +54.2
Kan.-'Topeka..
1.563,069
1.338.223 +16.8
Wichita
2,094,955
1,507,316 +39.0
Mo.-Kan. City.
62,054,012
48.352,448 +28.3
St. Joseph_ _
2,849,960
2,112,437 +34.9
Colo.-Col. Spgs.
474,429
483,761 -1.9
Pueblo
485,245
447.618 +8.4

199.309
168,223
2,242.832
24,029.912
2,093,586
3,968,790
68,194.966
2,931,601
695,133
809,052

234,644
427.308
3,183,259
37.156.373
2.789,903
5,405,915
93,426,134
4,290,003
1,060,045
1,209,920

105,333.408

149.183,504

las+43.5
+46.3
+11.1
+38.2
+25.2

853,622
27,146,764
5,643.091
2,259,000
2,677,252

1,689,921
41,162,738
7,898.612
2,305,000
4.036,411

29.926,979 +40.1

38,579.729

57,092,682

Franci sco+25.4
27,498,693
+83.6
7,156.000
+87.8
446,376
+44.2
18,793,664
+39.2
9,228,412
3,553,170
+6.1
+13.9
3,760,330
+551.5
6,256.067
+19.4 110,643,457
+27.2
1,833,944
+17.3
1,434,490
+17.3
1,118,598
+10.4
1,313,306

36.058,449
10,211,000
934,752
29,793,269
17,578,485.
6.144,075.
5,949,432
7.054.798
163.272,798
2.705,938
2,403,712
1.946,033
1,625,100

Total(4 cities).

Total(7cities)-

Total(10 cities)

104,976,023

72,923,055

97,720,676

72.623,910 +34.6

Eleventh Fede cal Reserve District-Da
Texas-Austin _ _
940,543
655,581
Dallas
32,811,052
22,432.904
Ft. Worth_ _
4,305,308
3,875,418
Galveston
1,867,000
1,351,000
La.-Shreveport.
2,018,075
1,612,076
Total(5 cities).

41,941,978

Twelfth Feder at Reserve D strict-San
Wash.-Seattle
22,205,808
17,709,192
Spokane
6,080,000
3,311,000
Yakima
436,451
232,463
Ore.-Portiand
20,929,332
14,515.219
Utah.-S.L.City
9.755.652
7,006,399
Calif.-L.Beach.
2,998,356
2.827,088
Pasadena
2,876,015
2,525,075
Sacramento_ _ _
6,870.658
2,742,853
San Francisco.
98,976,605
82,869.419
San Jose
1,639,853
1,289,231
Santa Barbara.
1,130.661
940,581
Santa Monica.
883,201
753,191
Stockton
1.093,288
990.05

Total(13 cities) 175,848,880 137,711,782 +27.7 193,036,507 285,677,841
Grand total (112
5 609,064,027 3,357.861,263 +67.0 5,281,402,144 9,166,267,735
cities)
Outside N. Y___ _ 1,871,861,230 1,240.359,428 +50.9 2,030,199,402 3,150,125,952
Week Ended April 12.

Clearings at
1934.
Canada-

5

Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _ _ _
New Westminster
Medicine Hat _ _ _
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert _
Moncton
Kingston
Chatham
Sarnia
Sudbury

100,756,915
113,049,878
32,774,083
15.612,235
4,194.787
3.759.451
2,193,311
5.096,383
4,010,082
1,835,058
1,558,834
2,582,013
3,571,187
2,950,755
260,561
379,815
1,132,357
414,343
745,807
614,795
505,430
220,818
571,329
645,462
1,077,603
2,091.637
246,565
563,863
523,105
475,579
431.607
763,908

Total(32 cities)

305,409,356

1933.
$
61,394,965
66,768,939
27,020,085
10,649,266
3,358,268
2;997,855
1,675,045
2,826,628
4.157.677
1,220,798
1,202.058
1,766.390
3,040.048
2,822,824
236,577
303,859
960,355
423.081
603,805
429.614
396,026
136,185
459,970
476,123
740,083
1,854,853
206,402
472.220
396,048
352,299
318.210
425.654

Inc. or
Dec.
%

1932.

1931.

$

$

+64.1
+69.3
+21.3
+46.6
+24.9
+25.4
+30.9
+80.3
-3.5
+33.9
+29.7
+46.2
+17.5
+4.5
+10.1
+25.0
+17.9
-2.1
+23.5
+43.1
+27.6
+62.1
+24.2
+35.6
+45.6
+12.8
+19.5
+19.4
+32.1
+35.0
+35.6
+79.5

64,314,559
63,655,942
48.493,995
12.499,860
4,892,385
3.687,509
2,175,346
3,504,723
4,556.190
1,695,576
1,340,261
2.232,445
3,678,797
2,970,976
295,652
336.626
1,122.364
447,199
783,092
533,205
462,298
166,466
530,228
555.865
813,333
2,061,380
239,851
694,220
518,699
457,100
344.869
463.735

117.662,753
116,959,586
41,025,635
15,590,823
5,805,290
5,784,928
3,111,449
5,164,633
6,090,716
2,428,278
1,882,411
2,828,627
5,203,474
3,823.529
435,132
435.461
1,545,092
800,335
1,085,553
745,974
619,426
226,808
704,378
825.078
1,075,295
4,331,345
453,995
730,903
625.416
' 543,686
602,215
743,813

200,092,210 +52.6

230,524,746

349.892.037

b No clearings available. c Clearing House not tune
toning at present.

Financial Chronicle

2696

April 21 1934

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
'Samuel Montagu & Co. of London, written under date of
April 4 1934:

PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:

GOLD.
The Bank of England gold reserve against notes amounted to £191.'080,514 on the 28th ultimo, showing no change as compared with the
previous Wednesday.
Moderate amounts have been available in the open market, about
£1,500,000 being disposed of during the three working days under review.
There have been no fresh features and the demand continued to be fairly
general. Quotations:
Equivalent Value of
Per Ounce
£ Sterling.
Fine.
12s. 6.52d.
id.
1358. 5
March 29
12s. 6.84d.
135s. 2d.
April 3
12s. 7.87d.
134s. 3d.
April 4
125. 7.08d.
1345. 11.50d.
Average of above 3 days
The following were the United Kingdom imports and exports of gold
egistered from mid-day on the 26th March to mid-day on the 31st March:

Apr. 14 Apr. 16 Apr. 17 Apr. 18 Apr. 19 Apr. 20
1934. 1934.
1934. 1934.
1034.
1934.
Francs. Francs. Francs. Francs. Francs. France.
10,900 11,100 11,100 11,000 11,300 11,300
Bank of France
1,402
1,399 1,404
Banque de Paris et Pays Das- 1,389
1,435
171
____
173
Banque d'Union Parisienne.
168
174
263
Canadian Pacific
264
258
260
260
"iii
19.4o) 19.400 19,200 18,600 18,300 18,300
Canal de Suez
2,310 2,350 2,355 2,270 2,350
Cie Dist d'Electricite
1,730
1.790 1,760 1,750
Cie Generale d'Electricite
1,790
1,iiel
25
26
Cie Generale Tran.satiantique
25
2523
231
215
Citroen B
216
216
212
Comptoir Nationale d'Electricite 1,004 1.011
1,010 1,009
1,018
160
160
160
Coty SA
160
58
170
263
270
264
Courrleres
260
273
--._ _
697
700
696
CrecHt Commercial de France
695
710
1,990 2,020 2,030 2,030 2,C50 2-J070
Credit Lyonnais
2,550 2,570 2,560 2,500 2,510 2,570
Eaux Lyonnais
680
683
675
Energie Eleetrique du Nord _
674
667
---792
792
786
Energie Electrique du Littoral._
773
795
__ -527
550
Kuhlmann
740
730
L'Air Liquide
6FF1o° -Fni
919
939
935
Lyon (P L DA)
945
995
---1,334 1,360 1,351
Nord RY
1,355 1,425
818
818
818
Orleans Ry
820
836
-185
63
64
64
Pathe Capital
--1,017
1,042
1,025 1,42 1,
Pechiney
69.30 70.70 70.80 71.90 730.P
Rentes, Perpetuel 3%
0 7130
76.80 78.10 78.30 78.60 80.50 80.10
Rentes 4% 1917
76.75 78.20 78.30 78.60 80.20 80.00
Rentes 4%,1918
82.80 84.75 84.50 85.20 85.40 85.90
Rentes 452% 1932 A
83.80 83.20 83.10 83.70 84.10 84.60
Rentes 434%, 1932 B
107.50 105.70 105.60 106.75 108.30 108.50
Ren tea 5%, 1920
1,600
1.650 1,630
1,630 1.630
Royal Dutch
1,620
1,249
1,250
Saint Gobain C & C
1,221
1,280
1,321
__....
1,542
1,542
1,524
1,545 1,565
Schneider de Cie
60
58
60
60
Societe Francalse Ford
60
60
65
68
67
Societe Gcnerale Fonciere
66
68
--__
2,550 2,575 2,540 2,480 2,535
Societe LyonnaLse
--535
535
535
535
Societe Marseilialse
535
.._.
144
142
140
141
Tubize Artificial Silk pref
143
-745
743
738
951
Union d'Electricite
735
97
98
'97
Wagon-Lita
96
97
_....

Exports.
Imports.
£26,760
£1,338,377 France
Germany
8,207
119,433 Austria
Netherlands
1,943,000
Roumania
54,942
France
259.004 United States of America- 699,516
China
1,014
7,947 Other countries
Hongkong
642,692
British India
49,932
British Malaya
1,087.785
British South Africa
21.644
Australia
25.305
New Zealand
832
United States of America_
21,053
Venezuela
14,948
Ecuador
22.886
Other countries
£2,678,497
£3,666,780
The S.S. Mooltan which sailed from Bombay on the 31st ultimo carries
gold to the value of about £690,000.
The Southern Rodesian gold output for February 1934 amounted to
53,818 fine ounces as compared with 57,843 fine ounces for January 1934
and 47.661 fine ounces for February 1933.
SILVER.
Owing to the Easter Holidays, the week under review contained only
three working days. during which the market ruled steady with only small
variations in prices. Support was given by speculators and America, the
New York market showing some firmness on reports of legislative proposals,
whilst moderate sales have been made on Continental account. The
Indian Bazaars have both bought and sold but business on the whole has
been rather quiet although the market continues to show a fairly steady
undertone.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 26th March to mid-day on the 31st March:

Exports.

Imports.

£1,154
1,750
18,041
16,215
5,000
2,697

£11,642 Germany
Germany
United States of America__ 18,900 Sweden
6,550 Syria
British South Africa
15,355 Persia
Australia
34.422 British India
New Zealand
4,500 Other countries
Canada
3,112
Other countries

£44,857

£94,481
Quotations during the week:

IN NEW YORK.
IN LONDON.
(Cents per Ounce .999 Fine.)
Bar Silver per or. Std.
Cash Deli,. 2 Mos. Deli,.
45%
Mar.28
Mar.29..19 15-16d. 20d.
45,34
Mar.29
20 1-16d.
Apr. 3- _ _20d.
453
4
Mar.30
19 15-16d.
4d.
Apr. 4.--193
4534
Mar.
31
of
Average
46 7-16
Apr. 2
above 3
46g
Apr. 3
days---19.937d. 20.000d.
The highest rate of exchange on New York recorded during the period
from the 29th ultimo to the 4th inst. was $5.1934 and the lowest $5.11%•
INDIAN CURRENCY RETURNS.
Mar. 15.
Mar 22.
17,661
17,674
9,772
9,785
3,765
4,153
4,124
3,736

(In Lacs of Rupees)Notes in circulation
Silver coin and bullion in India
Gold coin and bullion in India
Securities (Indian Government)

Mar. 7.
17,658
9.823
3.765
4,070

The stocks in Shanghai on the 29th ultimo consisted of about 138.400,000 ounces in sycee, 364,000,000 dollars and 19,800,000 ounces in
355,000,000
bar silver. as compared with about 149,700,000 ounces in sycee,
dollars and 21,000 silver bars and the 24th ultimo.
Statistics for the month of March last are appended:
-Bar Silver per Oz.Std.- Bar Gold Per
Or. Fine.
Cash Delia. 2Mos. Deli,.
137s. 2d.
20 13-16d.
20%d.
Highest price
5;i(1.
135s.
15-16d.
19
19.4
7 d.
Lowest price
136s. 5.66d
20.3475d.
20.2775d.
Average

ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London
as reported by cable, have been as follows the past week:
Wed..
Tues.,
Mon.,
Sat.,
Apr. 14. Apr. 16. Apr. 17. Air. 18.
20 3-16d.
193461.
Silver. per oz._ 20 3-16d. 20s4d.
Gold,p.fine oz. 134s.1130.1348.1034d.1348.834d. 1358.4d.
807-16
8034
80
805-16
Consols, 234%
British 334%10434
104k
10434
10434
W. L
British 4%11334
1123.4
11234
11234
1960-90
French Rentes
71.00
70.80
77.70
(in Paris)3% fr. 69.30
French War L'n
(in Parts)5%
106.70
105.60
105.70
107.50
1920amort

Thurs.,
Apr. 19.
1932d.
1358.3d.
80

Frt.,
Apr. 20
19%cl.
135s.2 34d.
79 13-16

10434

10434

11334

11334

73.50

73.50

108.30

108.50

'the price of silver in New York on the same days has been:
Silver in N. V.,
per oz. (eta.)

4634




4534

453,4

453,4

45

4534

48ng

THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Apr. Apr. Apr. Apr. Apr.
14.
16.
17.
18.
19.
Per Cent of Par
149
149
150
147
148
86
86
86
86
85
47
47
46
46
45
60
2
60
2
6
52
9
6
6
50
7
59
6

Reichabank(12%)
Berliner Handel's-Gesellschaft (5%)
Commerz-und Privet Bank A G
Deutsche Bank und Discords-Gesellschaft
Dresdner Bank
Deutsche Reichsbahn (Ger Rye)pref(7%) 113
25
Allgemeine Elektrizitaets-Gesell(A E G)
132
Berliner Kraft u Licht(10%)
124
D
Gea
ma
iueureeri Gas
%(
)7%)
Hamburg Elektr-Werke (8%)
Siemens & Halske(7%)
I G Farbenindustrie(7%)
Salzdetturtb (734%)
Rheinische Braunkohle (12%)
Deutsche Erdoel(4%)
Mannesmann Roebren
Hapag
Norddeutscher Lloyd

97
113
141
141
210
115
66
27
31

Apr.
20.

113
25
132
123

113
25
131
122

113
23
131
120

113
24
130
121

149
86
46
57
60
113
26
130
12
39816
1

96
113
140
140
145
210
113
66
27
30

" 1r.
133
137
144
142
210 205
112
110
65
64
27
26
30
30

1111
136
139
143
205
111
66
27
31

139
143
210
112
66
28
31

WO

2

In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
April 20 1934:
Bid. Ask.
Bed. AM.
36 Hungarian defaulted coups /90
132
Anhalt 7s to 1946
Hungarian Ital Bk 7348.'32 179
Argentine 5%, 1945. 3100
95
Jugoslavia 58, 1956
pieces
35
/28
32 Jugoslavia coupons
Antioquia 8%. 1948
142
Koholyt 634s, 1943
Austrian Defaulted Coupons f spa
162
68
Land
M
Bk, Warsaw 88.'41 170
Bank of Colombia, 7%,'47 117
73
19 Leipzig Oland Pr. 634s,'46 /63
Bank of Colombia, 7%,'48 117
68
Bavaria 65,02 to 1945
13912 4112 Leiptig Trade Fair 7s. 1953 /48
50
Luneberg Power, Light &
Bavarian Palatinate Cons.
32
Water 7%,1948
Cit. 7% to 1945
139
/57
60
22 Mannheim & l'alat 78 1941 172
Bogota (Colombia) 634.'47 118
76
10 Munich 78 to 1945
Bolivia 3%. 1940
17
136
38
125
26 Muni('Bk, Hessen, 7s to '45 130
Buenos Aires scrip
33
47 Municipal Gam & Elm Corp
Brandenburg Elec. 6s, 1953 145
64
Brazil funding 5%. '31-'51 63
Recklinghausen, 78, 1947 148
52
Nassau
Brazil funding scrip
163
Landbank 6328.'38 156
59
Natl. Bank Panama 634%
British Hungarian Bank
58
1946-9
7325. 1962
/56
/4012 4112
Nat Central Savings Bk of
Brown Coal Ind. Corp
160
67
Hungary 734s, 1962____ /5512 5712
634s, 1953
15 National Hungarian 4c Ind.
Call (Colombia) 7%. 1947 /13
mtge.7%,1948
8
912
Callao (Peru) 734%. 1944
/60
6I1
Ceara (Brazil) 8%. 1947__
10 Oberpfalz Elec. 7%,
7
_ 134
38
/32
34 Oldenburg-Free State
Columbiascrip
19467%
46
to 1945
Costa Rica funding 5%.'51 44
/31
35
144
Porto
Costa Rica scrip
Alegre 7%. 1968_ -- 118
20
Protestant Church (GerCity Savings Bank, Buda15212 5412
many), 78, 1946
Peed. 7s, 1953
/39
41
63 Prov Bk Westphalia (is, '33 153
Dortmund Men Util 6s,'48 160
56
32 Prov Bk Westphalia 13s, '36 151
Duisburg 7% to 1945
127
54
32
Rhine
Duesseldorf 71 to 1945...__ 120
WeetPh Elec 7%.'36 /76
79
5212 Rio de Janeiro 6%, 1933_ 12412. 26
East Prussian Pr. 6s, 1953. 151
Rom Cath Church 634s,'46 160
European Mortgage & In61
65
C Church Welfare
vestment 734s, 1966....- 1E4
'41 130
41
160
Saarbrueoken M Bk es
French Govt. 5348, 1937
74,'47 /8312 8812
Salvador 7%,1957
French Nat. Mall SS.68,'52 148
/2712 29
132
26 Salvador 7% etf of dep '57 123'2 25
Frankfurt 7s to 1945
German Atl Cable 7s. 1945 14612 4812 Salvador scrip
114
17
Santa Catharina (Brasil),
German Building & Land150
5112
8%, 1947
bank 634%. 1948
24
/23
German defaulted coupons 163
67 Santander(Colon)7s, 1948 111
13
/1912 21 Sao Paulo (Brazil) 6s, 1943 /23
German scrip
24
/40
Saxon State Mtge.(is, 1947 /6612
German called bonds
Serbian fa, 1956
70
Haiti 6% 1953
33
36
Hamb-Am Line 634s to '40 183
87 Serbian coupons
/42
Stem & Halske deb 68, 2930 1330
Hanover Harz Water Wks.
34139 Stettin Pub Util is, 1946.. 547
6%. 1957
/35
49
49 Tucuman City 7s, 1951._
Housing & Real Imp 7s,'46 /45
140
42
Hungarian Cent Met 7s,'37 /4612 4812 Tucuman Prov, 78, 1950_ 55
58
Hungarian Discount & ExVesten Eleo Ry 7s. 1947_ 123
28
change Bank 78. 1963_ _ /4012 4212 Wurtemberg 78 to 1945... 137
39
I Flat price.

Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for March 1934
and 1933 and the nine months of the fiscal years 1933-34
and 1932-33.
General Funds.
—Month of March— —July 1 to Mar. 311932-33.
1933-34.
1933.
Receipts—1934.
Internal revenue:
Income tax
564,051,964
590,214,117
232,007,129
180,712,321
Miscell. internal revenue__
588,860,625
129,759,402
67,214,433 1,115,510,353
Processing tax on farm prod's_
238,005.909
37,100,762
Customs
189,891,195
247,764,000
17,444,369
23,121,671
Miscellaneous receipts:
Proceeds of Govt.-owned securities:
Principal—for'n obligations
31,567,200
394,175
67,184,087
Interest—foreign obliga'ns_
19,869,636
All other
11,030,679
35,028,633
225,028
830,605,593
Panama Canal tolls, &c
18,660,444
16,587.060
2,974,521
2,941,828
Other miscellaneous
53,066,684
40,257,455
3,465,624
5,778,282
Total receipts
Expenditures—
General:
Departmental (see note 1)__ _
Public bldg. construction and
sites, Treas. Dept.(note 1)_
River and harbor work(note 1)
National defense (note 1)
Veterans' Admin. (note 1)_ .._
Adjusted service ctt. fund__
Agricultural Adjustinent Administration (note 1)
Farm Credit Admin.(note 1)_
Agricul market'g fund(note 2)
Distribution of wheat and
cotton for relief
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod.
Postal deficiency
Panama Canal
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share)_
Dist. of Col.(Govt. share).....
Interest on the public debt.-Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments.
Received from torn govts.
under debt settlements._
Estate taxes, forfeitures,
gifts. &c
Total
Emergency (see note 3):
Federal Emergency Administration of Public Works'
Civil Works Administration
Loans and grants to States,
municipalities, Am
Loans to railroads
Public highways
River and harbor work.
Boulder Canyon project _
Emergency Housing Corp
All other
Civil Works Administration
Federal Emergency Relief Administration
Administration for Industrial
Recovery
Agricultural Adjust. Admin....
Farm Credit Administration
Emergency Conserva'n Work..
Reconstruction Finance Corp.
Federal Farm Mtge. Corp.
bonds, prin, and interest_ _ _
Tennessee Valley Authority._
Federal Land banks (subscenS
to paid-in surplus. strc )_- - Federal Says. & Loan Ass'ns
(SUbscrip'ns to pref. shs.)
Federal Deposit Insur. Corp.
(subscriptions to stock)__

420,103,481

272,036,296

180,273,824

1,170,668

Ames—
Gold

63.836,286 1,721,361,557
56,386,6981
334,712,62
075,827,953
3
100,000,000
50,000,000

56,671,099

519,955,798

14,972,884

32,898,079

965,951
2,177,278
22,003,581
1,519,418

81,546,780

45,944,769

58,128,509

10,588,026
38,386,746
386,738
17,002.999
6,149,107

9,363,955
40,784,233
87,247,954
8,355,088

51,737,780

5242,545

20,850,000

20,850,000

292,700
5,700,000
453,262,068

416,000
7,775,000
420.291,660

51,976,000

418,764,000
30,977,000

357,850
5,000
160,424,266

273,370,346

2,057,250

1,987,039,132

2,883.853,283

5,000

400,005,000

7,684,864
22,729,227
7,523,379
1,649,457
1.930
16,086,707
177,298,591

60,591 277
6,990,000
179,761,074
43,427,660
12,483.261
1,930
80,055,907
202,877,859

40,502,101

40,802,939

678,403
2,453,350
5981,247
27,313,505
76,221,766

4.012,222
57,978,456
39.018,753
235,076,275
1,287,354,800

157,106,776

2,909,650

14,000

25,036,413
1,159,363

25,036,413
4,178,955

4,077,221

31,558,008

55,000

103,500

40,413,641

149,620,997

893,214,626

449,808,671

157,106,776

2,860,965,286

893,214.626

610,232,937

430,477,122

4,848,004,418

3,777,067,909

Excess Of receipts
Excess of expenditures (note 4).

190,129,456

158.440,826

2,542,299,695

2,254,828,416

Summary.
Excess of expenditures
Less public debt retirements

190,129,456
5,000

158,440,826

2,512.299,695
52,347,850

2,254,128,416
434,707,903

190,124,456

158.440,826

2,489,951,845

1,800,120,518

1,092,095

2,151,959

2,826,780,108

Total
Expenditures—
Trust and contributed funds_ _
Excess of receipts or credits_ _ _
Excess of expenditures

3E8.081

105,134,107

12,218,270

427,734,968

11,149,477

3,618,837,132

115,534,996

1,875,461,733

112,249,874

2,810,451,390

2,233,252
14,451,522

11,149,477

2,925,989,386

112,249,874

13,359,470
1,092,044

8,997,519

99,209,278

111,861,793

2151,958

2,826,780,108

388,081

Counter entry (deduct). b Excess of credits (deduct).
Note 1.—Additional expenditures on these accounts for this month and the fiscal
year 1934 are included under emergency expenditures, the classification of which
will be shown in the statement of classified receipts and expenditures appearing on
p. 4 of the daily Treasury statement for the 15th of each month.




Total
7,695.087,462.75
Total
7,695.087.462.75
Note.—Iteserve against $346,681,016 o U. S. notes and 71,192,174 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollars
in the Treasury.
SILVER.
Assets—
Liabilities—
$
S
Silver bullion (Sec. 45,
Silver ctfs. (Sec. 45, Act
Act of May 12 1933)._
1.560,000.00
of May 12 1933)
1.560.000.00
Silver dollars
505,310,579.00 Silver ctfs. outstanding_ 496.487,591.00
Treasury notes of 1890
outstanding
1.192,174.00
Silver dols,in gen.fund._
7,630,814.00
Total

.506,870.579.00

Total
506.870,579.00
GENERAL FUND.
Assets—
s
Liabilities—
$
Gold (see above)
3,041,299,175.33 Treasurer's checks outSilver dols. (see above)..
7,630,814.00
standing
452,951.18
United States notes__
2,133,836.00 Deposits of Government
Silver ctfs. (Sec. 45, Act
officers:
of May 12 1933)
921,880.00
Post Office Dept
8,309,325.68
Federal Reserve notes__
16,459,125.00
Board of Trustees,
Fed. Reserve bank notes
2,359,041.00
Postal Savings SysNational bank notes...,.. 21,174.245.00
tem:
Subsidiary silver coin_ _. 10,228,261.96
5% reserve, lawMinor coin
4,721,427.66
ful money
60,554,707.63
Silver bullion
37,646,562.86
Other deposits_ __
52.553,449.01
,.., -At.
, Postmasters, clerks of
Unclassified—
Collections, Am
2,473,076.13
courts, disbursing
Deposits in—
officers, Ac
190,978,930.69
Fed. Reserve banks_
98,536,605.36 Deposits for:
Special depos. acct. of
Redemption of F. R.
sales of Govt. sebanknotes(5% fund
amities
1,914,432,000.00
9.085,500.00
lawful money)
Nat. and other bank
Redemption of nat'l
depositaries:
bank notes(5% fund.
To credit of Tress39,743,574.13
lawful money)
urer of U. S
6,698,241.70
Retirement of addl
To credit of other
circulate notes, Act
Govt. officers_ _ _ 23,649,133.75
of May 30 1908_ _ _
1,350.00
Foreign depositaries:
Uncollected items, exTo credit of Tress14,400,607.04
changes, Lee
1.474,143.62
urer of U. S
To credit of other
376,080,395.36
1,250,743.38 Net balance
Govt. officers
4,817,870,615.36
Philippine Treasury:
To credit of Treas862,697.97
urer of U.S

Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of January,
February, March and April 1934:
Holdings in U.S. Treasury Jan.1 1934, Feb. 1 1934. Mar. 11934. April 1 1934.

Total excess of expend.(+)or
receipts (—)
+189,032411 +156,288,867 —336,828,263 +1,799,732,435
Increase(+) or decrease (—)in
general fund balance
—83,898,304 +271,446,101 +3,955.665,395 +75,729,298
Increase in the public debt

CURRENT ASSETS AND LIABILITIES.
GOLD.
Liabilities—
7,695,087,462.75 Gold certificates:
Outstanding (outside
of Treasury)
1,059,982,099.00
Gold et!. fund—Fed.
Reserve Board._ _ _3,405,018.628.66
Redemption fund—
Fed. Reserve notes_
32,748,471.73
Gold reserve
156,039,088.03
Gold in general fund_ _ _..3.04i.299.175.33

5,193,951,010.72
5.193,951.010.72
Total
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
$611.125,261.95.
$1,206,975 in Federal Reserve notes, 52,359,041 in Federal Reserve bank notes
and $21,098,125 in national bank notes are in the Treasury in process of redemption and are charges against the deposits for the respective 5% redemption funds
and retirement funds.

Total expend's (note 4)

Truer and Contributed Funds
and Increment on Gold.
(See note 5)
Receipts—
Trust and contributed funds__
Increment resulting from reduction In weight of gold dollar

Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
March 31 1934 are set out in the following. The figures
are taken entirely from the daily statement of the United
States Treasury as of March 31 1934.

229,176,164
20,027,807

18,566,586
519,402,385

1,606,146
2,624,870
248,937

Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and interest thereon, are reflected as credits
in the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditure, is not available for comparison with emergency expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures nor the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
Include expenditures made by the Reconstruction Finance Corporation, whereas
In last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on p. 3.
Note 5.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1.34 is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under general and special funds for the fiscal year 1933.

1,522,239,494

253,843,150

28,187,394
3,600,020
3,532,670
36,829,542
39,056,809

2,305,704,722

Total

Excess of expenditures (exclud'g
public debt retirements)
Trust & contributed funds and
increment on gold, excess of
receipts

2697

Financial Chronicle

Volume 138

Net gold coin and bullion..
Net silver coin and bullion
Net United States notes.._
Net National bank notes_
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin. dm

$
274,608,953
47,679,232
3,524,666
19,567,388
17,110,685
1,919,197
10,212,774
29,404,497

$
5
$
346,269,963 3,302,788,571 3,197,338,263
46,199,257
49,662,843
47,381,652
2,864,366
2,133,836
2,422,372
17,774,695
21,174,245
19,170,668
16,569,475
17,041,690
16,459,125
1,930,137
1,876,159
2,359,041
10,228,262
11,042,114
11,324,018
7,361,766
6,965,532
7,194.504

Total cash in Treasury_
Less gold reserve fund

404,027,392
156,039,088

454.428,981 3408 016,683 .3303086,533
156,039,088 156,039,088 156,039,088

Cash balance in Tresss'y 247,988,304 298,389,893 3,251,977,595 3,147,047,445
Dep. In speel depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 1,006,825,000 1,312.308,000 1,944,487,000 1,914,432,000
Dep. In Fed. Res. bank _ _ 104,372,400 313,833,868 109,848.573
98,536,605
Dep. in National banks—
To credit Treas. U. S....
7,145,171
6,595,383
7,190,726
6,698,242
To credit dist). officers_
24,063,320
20,911,600
23,649,134
21.844,679
Cash in Philippine Islands
1,119,368
1,179,767
862,698
1,054,228
Deposits In foreign dents_
2,739,960
2,814,141
2,724,887
3.020,749
Dep. in Fed. Land banks_
Net cash in Treasury
1,394,253,523 1,956,033,009 5,339.423.550 5,193,951,011
and in banks
Deduct current liabilities_ 368.104,900 418.831,897 437,654,630 376,080,395
1.026.145.623 1.537.201 119 4 not 7118 ono 5 917 srm 11111
• Includes April 1 $37,646.563 silver bullion and $4,721,428 minor, &c., coin
not included in statement "Stock of Is oney."

2698

Financial Chronicle

Debt Statement of the United States
March 31 1934.
The preliminary statement of the public debt of the United
States March 31 1934, as made upon the basis of the daily
Treasury statement, is as follows:
Preliminary

Bonds2% Consols of 1930
2% Panama Canal Loan of 1916-36
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
245% Postal Savings bonds(7th to 46th series)

$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.01
78,030,240.00
$831,350,370.00

First Liberty Loan of 1932-47:
345% bonds
81,392,226,350.00
4% bonds (converted).5,002,450.00
535.981,500.00
434% bonds (converted)
5,367,374,200.00
7,300,584,500.00
3758,983,300.00
1,036,834,500.00
489.087,100.00
454,135.200.00
352,993,950.00
.544,915,050.00
819,096,500.00
755,481,350.00
834,474,100.00
1,400,570,500.00
7,446,571,550.00
Total bonds
Treasury Notes3% Series A-1934, maturing May 2 1934
234% Series B-1934, maturing Aug. 1 1934-3% Series A-1935, maturing June 15 1935
134% Series B-1935. maturing Aug. 1 1935 ._
234% Series C-1935, maturing March 15 1935235% series D-1935, maturing Dec. 15 1935._
334% Series 4-1936, maturing Aug. 11936
234% Series B-19.36, maturing Dec 15 1936_
274% Series C-1936, maturing April 15 1936__
334% Series A-1937. maturing Sept. 151937
3% Series 13-1937. maturing April 151937
3% series C-1937, maturing Feb. 15 1937._
234% Series A-1938. maturing Feb. 1 1938._
244% Berle. 13-I938 maturing June 15 1038
3% series C-1938. maturing May 15 1938._

815,578,506,420.00
$244,234,600.00
345,292,600.00
416,602,800.00
353,865,000.00
528,101,600.00
418,291.900.00
364,138,000.00
357,921,200.00
558,819,200.00
817,483,500.00
502,361,900.00
428,730,700.00
276,679,600.00
618,056.800.00
455 175 500.00
86,685.754,900.00

4% Civil Service Retirement Fund. Series
1934 to 1938
4% Foreign Service Retirement Fund. Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938

235,000,000.00
2,389.000.00
2,214,000.00
6,925,357,900.00

Certificates of Indebtedness34°I, Series TJ-I934. maturing June 151934...
145% series TS-1934, maturing Sept. 15 1934_
234% series TD-1934, maturing Dec. 151934.

$174,905,500.00
524,748,500.00
992,496,500.00
$1.692,150,500.00

4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1935

123,700,000.00
1,815,850,500.00

Treasury Bills (Maturity Value)Series maturing April 4 1934
Series maturing April 11 1934
Series maturing April 18 1934
Series maturing April 25 1934
Series maturing May 2 1934
Series maturing May 9 1934
Series maturing May 16 1934
Series maturing May 23 1934
Series maturing June 20 1934
Series maturing June 27 1934
Series maturing Aug. 8 1934
Series maturing Aug. 15 1934
Series maturing Aug. 29 1934
Series maturing Sept. 5 1934
Series maturing Sept. 26 1934

net debt on that date, we append a summary thereof, making
comparison with the same date in 1932:
CASE AVAILABLE TO PAY MATURING OBLIGATIONS.
Dec. 311933. Dec. 311931.
3
Balance end of month by daily statements, &c
554,751,994
1.026.148,623
Add or Deduct-Excess or deficiency of receipts over
or under disbursements on belated Items
-105.538,056 -37,167,587
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates_ _ _ _
Settlement on warrant checks
Total

31,933,210,300.00
434% Fourth Llberty Loan of 1933-38 (called
and uncalled)
Treasury bonds:
445% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946-56
334% bonds of 1943-47
335% bonds of 1940-43
345% bonds of 1941-43
345% bonds of 1946-49
3% bonds 01 1951-55
334% bonds of 1941
44(-334% bonds of 1943-45

April 21 1934

8100,990,000.00
100,050,000.00
125,340,000.00
125,126,000.00
150,320,000.00
125,493.000.00
75,007,000.00
74,955,000.00
100.110,000.00
50,091,000.00
50,078.000.00
75,044,000.00
75,088,000.00
100,236,000.00
50,525,000.00

920,610.567

517,584,407

38,047,355
68,193,738
4,061,740
660,742

36,075,776
85,227,068
4,277,570
891,611

110,963,575

126,472,025

Balance, deficit (-) or surplus(+)
+809,646,992 +391,112.382
INTEREST-BEARING DEBT OUTSTANDING.
Interest Dee. 31 1933. Dec. 311932.
Title of LoanPayable.
$
$
2s Consols of 1930
Q -J
599,724,050
599,724,050
Q.-F.
213 of 1916-1936
48,954,180
48,954,180
25 of 1918-1938
25,947,400
25,947,400
Q.-F.
3s of 1961
Q.-M.
49,800,000
49,800,000
35 convertible bonds of 1946-1947
Q.-J.
28,894,500
28,894,500
Certificates of indebtedness
1,753,601,0002,284,458,100
345s First Liberty Loan, 1932-1947
J.-D. 1,392,227.350 1,392,227,850
4s First Liberty Loan, converted 1932-1947_ ....J.-D.
5,002,450
5,002,450
532,491,150
454s First Liberty Loan, converted 1932-1947_ _J.-D. 532.489,950
434s First Liberty Loan, 2d cony., 1932-1947J.-D.
3.492,150
3,492,150
A -O. 5.369.864,250 6,268,099,450
44.1s Fourth Liberty Loan of 1933-1938
A -O. 758,983,300
445s Treasury bonds of 1947-1952
758.983,300
J D. 1.036.834,500 1,036,834,500
4s Treasury bonds of 1944-1954
3*48 Treasury bonds of 1946-1956
M.-S. 489,087,100
489,087,100
J.-D. 454,135,200
3445 Treasury bonds of 1943-1947
454,135,200
J.-D. 352,993,950
345s Treasury bonds of 1940-1943
352,994,460
M.-S. 544,915,050
3458 Treasury bonds of 1941-1943
544,916,050
J -D. 819,097,000
344s Treasury bonds of 1946-1949
821,402,000
M.-S. 755,486,350
38 Treasury bonds of 1951-1955
766,531,350
334a Treasury bonds of 1941
F.-A. 834,474,100
A.-0. 1,398,083,850
4qs-34$5 Treasury bonds of 1943-1945
J.-J.
68,633,500
43,453,360
254s Postal Savings bonds
Treasury notes
5,124,810,200 3,298,775,600
Treasury bills, series maturingc100,050,000
1934-Jan. 3
c75,020,000
Jan. 10
c75,523,000
Jan. 17
c80,034,000
Jan. 24
c60,180,000
Jan. 31
c75,335,000
Feb. 7
c75,295,000
Feb. 14
c60,063,000
Feb. 21
Feb. 28
c100,027,000
Mar. 7
c100,050,000
Mar.21
c100,263.000
Mar.28
c100,890.1300
c75.954,000
1933-Jan. 11
c75,110,000
Jan. 18
c80.295,000
Jan. 25
c75,056,000
Feb. 8
e75,480,000
Feb. 15
c60.000,000
Feb. 23
c100,000,000
Mar. 1
c100,039,000
Mar. 29
23,450,281,380 20,448.138,100
299,877.139
292,810.097
64,389,095
64,380,095

Aggregate of interest-bearing debt
Bearing no interest
Matured,Interest ceased

a23,814,527,614 20,805,108,382
Total debt
Deduct Treasury surplus or add Treasury deficit......_ +809,646,992 +391,112,382
Net debt

b23,004.880,622 20,413,996,000

a Total gross debt Dec. 31 1933 on the basis of daily Treasury statements was
323.813.790,735.55, and the net amount of public debt redemptions and receipts
In transit, &c., was $736,878.17. b No reduction is made on account of obligations
of foreign Governments or other Investments. c Maturity value.

CttominercialanaRtisceliatteonsgems
1,378,453,000.00

Total Interest-bearing debt outstanding
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to April 1 1917
4% and 445% Second Liberty Loan bonds of
1927-42
445% Third Liberty Loan bonds of 1928
334% Victory Notes of 1922-23
434% Victory Notes of 1922-23
Treasury notes. at various interest rates
Ctfs. of Indebtedness, at various Int. ratesTreasury bills
Treasury Savings Certificates

825,698.167.820.00
81,518,410.28
2.134,700.00
3,454,450.00
11,150.00
868,550.00
2,300,400.00
27,070,550.00
21,791,000.00
470,400.00

Bank Notes-Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulation for National
Bank NO1418.

59,617.610.26
Debt Bearing No InterestUnited States notes
Less gold reserve

$346,681,016.00
156,039,088.03
3190,641,927.97

Deposits for retirement of National bank and
Federal Reserve bank notes...
Old demand notes and fractional currency _
Thrift and Treasury savings stamps, unclassified sales, .4e

203,726,079.50
2,038,655.49
3,317,598.74
399,724,261.70

326,157,500,691.96
Total gross debt
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 311919,
When War Debt
Mar. 311017,
Mar. 31 1933,
a Year Ago.
Pre-War Debt.
Was at Its Peak.
1,282,044• ,346.28 26,596,701,648.01 21,362,464,177.21
Gross debt
74.216.460.05 1,118,109,534.76
492,926,476.44
Net balance in general fund_

Mar. 31 1934
Feb. 28 1934
Jan. 31 1934
Dec. 31 1933
Nov. 30 1933
Oct. 31 1933
Sept. 30 1933
Aug. 31 1933
July 31 1933
tune 30 1933
May 31 1933
Apr 30 1933
Mar 31 1933_

847,058,170
887,005,520
890.191,530
890,136.780
859.738.430
852,631,430
857,210,430
955,781,930
852,529.890
856,394,230
897.952.290
899,410.240
885.871.740
$2,470,887 Federal Reserve bank
lawful money. against 82,628,343 on

Public Debt of the United States-Complete Returns
Showing Net Debt as of Dec. 31 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Dec. 31 1933,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and




Bonds.

Legal
Tenders.

Total.

840,848,330
884,147,835
886,086,290
885.835.878
853.937,995
849,453,595
852,464,810
851,509.995
848.207.263
853,935,968
864,590.423
893,199,238
875.820.165

140,669,333
981,547,683
100,489,113
984,836,948
99,508.223
985,594,513
101,678.700
987,514,878
107,333,292
981.271,287
112,094,540
981,548,185
110,533,735
962,998,545
114.422.100
985,932,095
118.428.910
988,834,173
116,865,120
970,601,088
118,072,980
980,683,403
88,832,155
982.031,893
90.840.375
966.660.540
notes outstanding April 2 1934 secured by
April 11033.

The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes Mar. 311934:

Gross debt less net balance in general fund__ 1,207,827,886.23 25.478,592,113.25 20,869,537.700.77
Feb. 28 1934,
Dec. 311933.
Last Month.
Mar. 311034.
Last Quarter.
$
$
$
23,813,790,735.55 26,052.375,584.80 26,157,509.691.96
Gross debt
Net balance in general fund_ 1,026,148,622.86 4,901.768,919.51 4,817,870,615.36
Gross debt less net balance in general fund .._22,787,642,112.69 21,150,606,665.29 21.339,639.076.60

National Bank Circulation
Allots! on-

U. S. Bonds Held March 311934.
Bonds on Deposit
April 2 1934.

2s. U. 8. Consols of 1930
Is. U. S. Panama 01 1936
3s, U. S. Panama of 1938
3s. U. S Treasury of 1951-1955
334s. U. S. Treasury of 1948-1949
334s. (7.8. Treasury of 1841-1943
334s, (7. S. Treasury 01 1940 1943
3Ms, U S. Treasury of 1943-1947
3s, U S. Panama Canal of 1961
3s, U fl convertible of 1946-1947
334s, 1.1.5. Treasury of 1933-1941
Totals

On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.

Total
Held.

553,219,200
43,889,120
22.723,200
50,783,600
34,092.650
36,285,400
17,516,651)
30,297,000
1,000
1,020,000
57,230,350

553,219,200
43,889,120
22,723,200
50,783,600
34,092,850
36,285,400
17.518,650
30,297,000
1,000
1,020,000
57,230,350

847,058,170

847,058,170

Financial Chronicle

Volume 138

The following shows the amount of National bank notes
afloat and the amount of legal tender deposits Mar. 1 1934
and April 2 1934 and their increase or decrease during the
month of March:
National Bank Notes-Total AfloatAmount afloat March 1 1934
Net decrease during March

$984,836,948
3.089,285

Amount of bank notes afloat April 2
Legal Tender NotesAmount deposited to redeem National bank notes March 1
Net amount of bank notes redeemed in March

1981,547,663
1100,489.113
40,210,220

Amount on deposit to redeem National bank notes April 2 1934._ _8140,699,333

Breadstuffs Figures Brought from Page 2778.-All
the statements below, regarding the movement of grainreceipts, exports, visible supply, &c.-are prepared by us
from figures collected by the New York Produce Exchange
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-I Flour. I

Wheat. I

I
1

Corn.

Oats.

Rye.

Barley.

bbls.19131bs bush 60 Ws bush. 56 lbs. bush. 32 lbs bush.48lbs.bush.561bS.
Chicago
132,000
574,000
93,0001
181,000
10.000
161,000
Minneapolis_
100,000
491,0001
60,000
43,000
361,000
Duluth
279,0001
25,000
8.000'
23.000
Milwaukee_ -12,060
81,000
8,0001
6,000
5,000 218,000
Toledo
179,
4,000
44,000
Detroit
13,000
6,000
17,000
20,000
Indianapolis51,0001
218,000
130,000
23.000
St. Louis_ _
117.000
174,0001
193,000
178,000
13,000
Peoria
48,00
6,0001
260,000
62,000
23,000
33,000
Kansas City
12,000
174,000
573,0001
36,000
Omaha
99,000
5,000
137,0001
St. Joseph_
50.0001
53,000
22.000
Wichita
31,000
103,0001
Sioux City11,000
8,000
1,000
3,000
Buffalo
105,000
83,000
126,000
6,000
14,000
Total wk. '34
Same wk. '33
Same wk. '32

321,000
408,000
362,000

2,273,000
4,245,000
3,031,000

1,909,000
3,255,000
1,812,000

868,000
1,570,000
1,109,000

118,000
309,000
456,000

846,000
939,000
134.000

Since Aug.1I
1933
12,703,000 170,635,000156,587.000 56,042.000 8.960.00040,986.000
1932
14,033,000251,013,000,139,754,000: 66,800,000 8,448,00031,116,000
1931
15,453,00(1252.709,0001 98,112.0001 54,535.000 5,444,00027.134,000

Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, April 14 1934, follow:
Receipts at-1 Flour.
New York _ _ _
Philadelphia__
Baltimore....
Norfolk
New Orleans*
Galveston_
St. John, West
Boston
Halifax

Wheat. I

Oats.

I

Corn.

Rye.

Barley.

bbis.1961bs bush.60 lbs.bush. 56 lbs. bush. 32 lbs.bush.481bs.
155,000
837,000
20,000
28,000
2,000
22,000
61,000
3,000
39,000
9,000
1,000
27,000
85,000
8.000
1,000
25,000
63,000
30,000
8,000
18,000
419,000
21,000
64,000
8,000
42,000
48.000
5,000

18,000

Total wk. '34
293,000 1,438,0001
113,000
118,000
18,000
87,0001
Since Jan.1'34 3,980,000 12,549.0001 1,621,000 1,531,000
762,0001 134,000
Week 1933._
335,000
640,000
117,000
102,000
6,000
Since Jan.1'33 4,341,0® 9,758,000 1,350,000 1,215,000 162,000
64,000
* Receipts do not Include grain passing through New Orleans for
foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending Saturday, April 14 1934, are shown in the annexed
statement:
Exports from-

Wheat.

Corn.

Flour.

Oats.

Rye.

Barley.

Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
672,000
1,000
17,790
64,000
1,000
1,000
1,000
18,000
3.000
17,000
19,000
419,000
18,000
48,000
42,000
5,000

New York
Boston
Baltimore
Norfolk
New Orleans
Galveston
St. John, West
Halifax

Total week 1934_ 1,220,000
Same week 1933_ _
950,000

19,000
1,000

102.790
108,328

5.000
11.000

The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
Week
Since
July1 toApr. 14 July 1
1934.
1933.
United Kingdom_
Continent
So. & Cent. Amer_
West Indies
Brit.No.Am.Cols.
Other countries...
Total 1934
Total 1933

IVheat.
Week
Apr. 14
1934.

Since
July 1
1933.

Corn.
Week
Apr. 14
1934.

.

Since
July 1
1933.

Barrels. Barrels,
Bushels.
Bushels. Bushels. Bushels.
43,430 2,198,180
385,000 34.530.000
18,000
317,000
20,360
554,132
773,000 48.716,000
237,000
1,000
51,000
5,000
422.000
1,000
36,000
693,000
1,000
42,000
44,000
2,000
47,000
1,000
_.__
174,528
56,000
668,000
1.000
11.000
102,790 3,717,840 1,220,600 84,378,000
108,328 3,089,316
950,000 124,548.000

19,000
611,000
1.000 4,771,000

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 14, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston




GRAIN STOCKS.
Wheat,
Corn,
bush,
bush,
87,000
84,000
99,000
75,000
240,000
20,000
933,000
19.000
333,000
29,000
26,000
112,000
495,000

Oats,
bush,
6,000
69,000

Rye,
bush.
1,000
a34,000

Barley,
bush.

91,000
73,000

c154,000
b16,000

6,000
2,000

42,000

9,000

9,000

United StatesFort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
afloat
Milwaukee
" afloat
Minneapolis
Duluth
Detroit
Buffalo

2699
Wheat,
Barley,
Corn,
Oats,
Rye,
bush,
bush.
bush,
bush,
bush.
2,449.000
24,000
422,000
6,000
147,000
1,270,000
9,000
2,515,000
4,000
1,525,000 2,607,000
12,000
323,000
30,137,000 3,835,000
94,000
53,000
300,000
4,870,000 6,474,000 1,106,000
79,000
59,000
387,000
11,000
746,000
260,000
6,000
3,144,600 1,201,000
212,000
134,000
9,000
586,000 1,897,000
420,000
10,000
98,000
6,000
166,000
2,665,000 20,571.000 2,670,000 2,922.000 1,078.000
795,000
12,000 3,496,000 1,760,000
48.000
643,000
292,000
268.000
19,682,000 4,738,000 14,465.000 2,804,000 7,031-,660
12,762,000 6,163,000 11,401,000 2,746.000 1,848,000
143,000
14,000
32,000
30,000
81,000
3,335,000 6,713,000
874,000 1,208.000
598,000

Total Apr. 14 1934_ 87,690,000 59,350.000 34,962,000 11,086,000 11,494,000
Total Apr. 7 1934.._ 88,874,000 61,423,000 36,069,000 11,347,000 11,958,000
Total Apr. 15 1933_ _128,389,000 31,267,000 22,251,000 7,827,000 8,239,000
a Includes 33,000 Polish rye. b Also has 236,000 Polish rye. c Includes foreign
rye, duty paid.
Note.-Bonded grain not included above: Wheat. New York, 919,000 bushels;
New York afloat, 748,000; Boston. 220,000; Buffalo, 163,000; Buffalo afloat.
263.000; Duluth,8,000; total, 2,321.000 bushels, against 4,896,000 bushels in 1933.
Wheat,
Corn,
Barley.
Oats.
Rye,
Canadianbush,
bush.
bush,
bush,
bush.
Montreal
3,009,000
128,000
452,000
160,000
Ft. William dr Pt. Arthur 73,034,000
4,958,000 2.188,000 4.936,000
Other Canadian and other
water points
30,531,000
3,153,000
467,000
422,000
Total Apr. 14 1934_ _ _106,574,000
8,239.000
Total Apr. 7 1934_ __107,127,000
7,923,000
Total Apr, 15 1933_104,682,000
4,514,000
SummaryAmerican
87,690,000 59,350,000 34,962,000
Canadian
106,574,000
8,239,000

3,107,000 5,518.000
3,113,000 5,504,000
3,590,000 2,851.000
11.086,000 11,494.000
3,107,000 5,518,000

Total Apr. 14 1934...194,264,000 59,350,000 43,201.000 14,193,000 17,012,000
Total Apr, 7 1934_196,001,000 61,423,000 43,992,000 14,460,000 17,482,000
Total Apr. 15 1933...233,071,000 31.267,000 26,765,000 11,417,000 11,090.000

The world's shipment of wheat and corn, as furnished by
Broomball to the New York Produce Exchange,for the week
ending Friday, April 13, and since July 1 1933 and July 2
1932, are shown in the following:
Wheat.
Exports.

Week
Ayr, 13
1934.

Since
July 1
1933.

Corn.
Since
July 2
1932.

Week
Apr. 13
1934.

Since
July 1
1933.

Since
July 2
1932.

Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 4,151.060174,681,000 244,136,000
22,000
721,000 .5,452,000
Black Sea... 496,000 37.747,000 19,458,000 1,140,000 29,016,000 54,782,000
Argentina... 4,292,000 107,066,000 79,276,000 4,122,000 166,006,000 162,371,000
Australia --- 1.415,000 73,493,000128.256,000
1
0th. countr's 360.000, 22,928,000 22,245,000 281,000 9,707,000 29,226,000
Total

0,714,000415,915,000493,369,000 5,565,000205.450,000251.831,000

National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Apr. 7-First National Bank at Marianna, Marianna, Ark__
Capital stock consists of 125,000 common stock and $25,000
preferred stock. President, 0. L. Williamson; Cashier,
Elgan C. Robertson. Will succeed the Lee County National Bank of Marianna.
Apr, 7-Furst National Bank in Indiana, Indiana, Pa
Capital stock consists of $150,000 common stock and $75,000
Preferred stock. President, Edward B. Bennett; Cashier.
Paul J. Straitiff. Will succeed the First National Bank
of Indiana.
Apr. 9-The Rapid City National Bank, Rapid City, S. Dak
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, Roy Dean; Cashier, A. E.
Dahl. Will succeed Pennington County Bank of Rapid City.
Apr. 10-Berlin National Bank. Berlin, N. H
President, W. E. Corbin; Cashier, M. A. Wheeler. Will succeed the Berlin National Bank.
Apr. 10-The First National Bank of Goose Creek, Goose
Creek. Texas
Capital stock consists of $25,000 common stock and $50,000
preferred stock. President W. W. Moore; Cashier, M. S.
Kerby. Will succeed Security State Bank of Goose Creek.
Apr. 12-The Iron River National Bank, Iron River, Mich....
President, Earl J. Van Ornum; Cashier, Henry J. Veeser. Will
succeed the First National Bank of Iron River and the
Caspian National Bank of Caspian.
Apr. 12-The First National Bank of Riverton, Riverton, Wyo.
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, W. J. Otto; Cashier, Carl W.
Hoe. Primary organization.
Apr. 13-First National Bank in Groveton, Groveton, Texas__ _
Capital stock consists of $50,000 common stock and $50,11141111
preferred stock. President. L. P. Atmar; Cashier. R. R.
Robb. Will succeed the First Nat. Bank of Groveton.
Apr. 13-Lagonda National Bank of Springfield, Springfield, 0_
Capital stock consists of $150,000 common stock and 1200,000
preferred stock. President, H.E. Freeman; Cashier, F. W
Ilarford. Will succeed Lagonda-Citizens National Bank
of Springfield.
VOLUNTARY LIQUIDATIONS.
Apr. 9-The First National Bank of Breckenridge, Texas
Effective March 29 1934. Liq. Agent, M. E. Daniel, Brockenridgo, Texas. Succeeded by "First National Bank in
Breckenridge," Texas.
Apr. 10-The Hollywood National Bank of Los Angeles. Calif..
Effective March 26 1934. Liq. Committee, W. L. Brown
G. A. Wheaton and Chas. L. Marble, care of the liquidating
bank. Absorbed by the Seaboard National Bank of Los
Angeles, Calif.
Apr. 11-The First National Bank of Boulder, Boulder.
_
Effective Apr. 10 1934. Liq, Agent, A. T. Henry, Boulder,
Colo. Succeeded by "First National Bank in Boulder."
Apr. 11-The Army National Bank of Fort Lewis, Fort Lewis,
Wash
Effective April 3 1934. Liq. Agent, J. E. Pinkham, Fort
Lewis, Wash. Absorbed by the National Bank of Tacoma.
Wash.

Capital.
150,000

225,000

100.000

100,000

75,000

62,500

50,000

100,000

350,000

200,000

200.000

100 000

25,000

Financial Chronicle

2700

Capital.
Apr. 13—First National Bank in Independence, Independence,
300,000
Kan
Effective April 9 1934. Liq. Committee. C. A. Connelly,
H.C.Hergman,Jr., and Ernest Sewell, all of Independence,
Kan. Succeeded by the Citizens Nat. Bank in Independence.

Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Jersey City, Boston, Philadelphia, and Buffalo
on Wednesday of this week:
By Adrian H. Muller & Son, New York:

$ per Share.
Mares. Stocks.
1 Bank of America National Assn. and two 25-100th share scrip certificates
$25 lot
of Transamerica Corp., par $25
$7 lot
1 Blue Ridge Ry. Co.(Md.), par $1
$50 lot
Certificate No. 395 of the Queens Valley Golf Club, Inc
$50 lot
Certificate No. 147 of the Queens Valley Golf Club, Inc
$50 lot
Certificate No.85 of the Queens Valley Golf Club, Inc
$50 lot
Certificate No. 235 of the Queens Valley Golf Club, Inc-550 lot
Inc
Club.
Golf
Valley
Queens
the
Certificate No. 54 of
$50 lot
Certificate No. 207 of the Queens Valley Golf Club, Inc
$7 lot
57 Midwood Trust Co.(N. Y.). par $100
$5 lot
11 New England Laundries, Inc. (Mass.), pref., par 5100
20 S. W. Straus Investing Corp. (Del.), series "A" preferred, par $50; 20
$10 lot
common, no par
4 Great Lakes Detroit Terminal Co. (Del.), common, no par; 5 Salamanca
Sugar Co.(Cuba), common v. t. c., par $10; 1 Northeastern Public Service
Co. (Del.), pref. ctf. of dep., no par; 1 Northeastern Public Service Co.
(Del.), prior pref, ctf. of dep., no par; 5 Middle West Utilities Co. (Del.),
$4 lot
common ctf. of dep., no par
$400 2 East 61st St. Corp. (N. Y.), income debentures, is of 1957; 1 class
$15 lot
"A," no par; 4 class "B," no par
Per Cent.
Bonds—
$30 lot
$20,000 Fort Smith & Western RR,Co. 1st mtge. 4% bonds, ctf. of dep
$2,000 National Press Building Corp. (Del.), general mtge. 634s. 1948; April
43,4% flat
1932 and subsequent coupons attached
$1,000 United Public Service Co. (N. J.), collatetal trust 65, 1942; April
$6 lot
1932 and subsequent coupons attached
$500 Pelham Manor Building Corp.(Chicago, Ill.), 1st mtge.64s,ctf. of dep_S9 lot
$1,000 341 Madison Avenue Building 1st mtge. leasehold, 63is, 1939, elf.
$30 lot
of dep
$2,000 Hotel Governor Clinton, Inc., subordinated 1st mtge., series "B."
$11 lot
6345 1943, Mt of dep
$1,000 One West 57th St. Corp., 5-year general mtge. fee, 68 1933. elf, of dep-$7 lot

By Adrian H. Muller & Son, Jersey City, N. J.:

$ Per Share.
Shares. Stocks.
60c.
55,000 Power, Gas & Water Securities Corp
incorrectly
were
value
par
$100
Texas
Note.-266 shares of Kirby Lumber Co. of
reported in our last week's Issue. This should have appeared at $5 per share instead
of being included with lot.

By R. L. Day & Co., Boston:

$ per Share.
Shares. Stocks.
28
3 Webster & Atlas National Bank, Boston. par 850
93i
50 United States Trust Co., Boston. par $10
1831
19 Irving Trust Co., New York, par $10
$1 lot
28 Harmony Mill, common, par $100
1034
25 Dwight Manufacturing Co., par $15
24
50 Home Insurance Co., par $5
3 American Soda Fountain Co., par 5100; 5 Chicago & Alton RR. Co. 4%
prior lien pref.. par 5100; 3 Wm. Cramp & Sons Ship & Engine Building
Co.. par $100; 3 United American Soda Fountain Co., 7% pref., par $20;
15 J. R. Whipple, common; 10 J. R. Whipple, 1st pref.: 20 Cohasset Na$20 lot
tional Bank, par MO
2434
15 Massachusetts Utilities Associates, pref., par $50
$150 lot
150 Olympia Theatres, Inc., common ctf. of deposit
1534
21 Massacnusetts Bonding & Insurance Co.. par $1294
113.1
3 units Thompson's Spa, Inc

By Barnes & Lofland, Philadelphia:

$ Per Share.
Shares,
Stocks.
-kg
13 Tioga National Bank & Trust Co., par $25
270
10 First National Bank of Philadelphia, par $100
2534;
100 Central-Penn National Bank. par $10
3694
30 Corn Exchange National Bank & Trust Co., Dar $20
70 Pennsylvania Co. for Insurances on Lives & Granting Annuities, par $10.... 31
1034
20 Real Estate-Land Title & Trust Co., par $10
30
55, B. Van Solver Co., Camden, N. J., common, par $100
$100 lot
249 George A. Klinges, Inc
$8 lot
11 Associated Gas ex Electric Co., class A, no par
$1 lot
2 Associated Gas & Electric Co., common, no par
$5 lot
2 Cities Service Co.. common, no par
20 Commonwealth St Southern Corp., common
$40 lot
$50 lot
25 Blue Ridge Corp., common, no par
1 5-7 United Founders Corp., common, no par
$1 lot

By A. J. Wright & Co., Buffalo:
$ per Share.
$0.10

Shares. Stock.
15 Angel International Corp., common

DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.

When Holders
Per
Share. Payable. of Record.

Agricultural Insurance Co
Allen Industries $3 preferred
Allied Kid Co., preferred (quar.)
American Art Works6% pref. (quar.)
American Book Co. (quar.)
American Cities Power & Light Corp. class B.- _
Amsterdam City National Bank (quar„)
American Credit Indemnity Co. of N.Y
American Factors, Ltd.(monthly)
Monthly
American Fork & Hoe.6% pref
American & General Securities class A common_ _
$3 series cumulative preferred
American Re-Insurance Co.(quar.)
Artioom Corp. cumulative preferred (quar.)
Associated Telephone (Calif.), pref. (quar.)---Atlantic Steel 7% preferred (semi-annual)
Auto City Brewing (quar.)
Bangor & Aroostook RR.Co.corn.(guar.)
Preferred (guar.)
Beacon Manufacturing Co.6% preferred (quar.)
Binghamton Gas Works 6 Si% preferred (quar.)_
Bourjois. Inc.. preferred (quar.)
Bourne Mills (quar.)
Broadway Dept. Stores 7% nreferred (quar.
Buckeye Steel Castings Co.IS% pref. (quar.)Prior preferred (quar.)
Buck Hill Falls (quar.)
Bullock Fund, Ltd
Bullock's. Inc.(Los Angeles)7% pref.(quar.)
Camden Fire Insurance (semi-annual)
Canadian Investment Fund ordinary shares
Special shares
Cedar Rapids Mfg.& Power (quar.)
Charlton Mills (guar.)

Apr. 2 Mar. 26
June I May 31
May 1 Apr. 23
Apr. 15 Mar.31
Apr. 21 Apr. 16
10c Apr. 30 Apr. 24
$394 Apr. 30 Apr. 15
25c May 1 Apr. 24
10c May 10 Apr. 30
10c June 9 May 31
h$3 Apr. 27 Apr. 20
7Sic June 1 May 15
75c June I May 15
50c May 15 Apr. 30
h$1 94 June I May IS
373ic May 1 Apr. 14
$3g May 1 Apr. 21
May 1 Apr. 20
62c July 2 May 31
$194 July 2 May 31
$1 Si May 16 May 1
Si% May 1 Apr. 20
68 c May 15 May 1
$134 May 1 Apr. 17
May 1 Apr. 19
May 1 Apr. 23
May 1 Apr. 23
3 c May 15 May 1
21
17
May 1 Apr. 14
May 1 Apr. 11
$1
500 May 1 Apr. 14
3.6c. May 1 Apr. 14
3.5c May 1 Apr, 14
75c May 15 Apr. 30
$1 May 1 Apr. 16




65c
h75c
$194
sin

1:

Name of Company.

April 21 1934
Per
When I Holders
Share. Payable. ofRecord.

$131
Cherry-Burrell Corp., preferred (quar.)
25c
Chicago Flexible Shaft Co.. corn. (guar.)
25e
Chicago Yellow Cab (quar.)
City Water of Chattanooga 6% pref. (quar.)- - _ $134
Colonial Finance of Rhode Island 7% pref.(qu.) 1734c
$1
Concord Gas preferred (guar.)
Connecticut Light & Power,634% pref. (quar.)_
$194
5Si% preferred (guar.)
$2
Consolidated Oil Corp.8% pref. (quar.)
3
Central Arizona Light & Power $7 pref. (quar.)- 31%
$1 Si
$6 preferred (quar.)
23c
Coast Breweries. Ltd. (guar.)
il X
Dallas Power & Light $T pref. (quar.)
3194
$6 preferred (quar.)
3134
Davenport Water 6% preferred (quar.)
1.5c
Dividend Shares
50c
Fidelity Fund, Inc. (quar.)
25c
Extra
8734C
Florida Power Corp., pref. (quar.)
Sc
Fort Pitt Brewing (quar.)
87Xc
Fulton Industrial Securities pref.(quar.)
3194
Gardner Denver Co. preferred (guar.)
80 fr.
Generale d'Electricite
45c
General Foods Corp.(quar.)
40c
Goshen & Deckertown RR
25c
Harbison-Walker Refractories common
134%
Preferred (quar.)
25c
Hobart Manufacturing Co.. corn. (quar.)
1294c
Hollander (A.)& Son,Inc.. common
41
Holland Land Co.(liquidating)
5c
Home Insurance (extra)
$1
Idaho Power. 7% preferred (guar.)
$1
$6 preferred (quarterly)
$1
Illuminating Power Security (quar.)
$134
7% preferred (guar.)
$194
(quar.)
preferred
Co.
International Harvester
25c
Kalamazoo Stove Co. common (quar.)
25c
Extra
$20
Kings County Trust Co.(Brooklyn)(quar.)
25c
Klein (D. Emil) Co.,common (quar.)
$131
Preferred (quar.)
$1
Kokomo Water Works6% preferred (quar.)_
$1
Lehigh & Wilkes-Barre Co. of N.J.(guar.)
$1
Lerner Stores Corp.63i% pref.(quar.)
4c
Life Savers Corp. (quar.)
31
(quar.)
corn.
Co.,
Tobacco
Liggett & Myers
Common B(quarterly)
25c
Loblaw Groce`erias Co., Ltd., class A & B (qu.)
Class A and B (bonus)
$194
Lord & Taylor preferred (quar.)
1211
Lunkenheimer Co.. common (guar.)
Luther Manufacturing Co.(guar.)
100fr.
Lyonnaise des Eaux
Sc
Managed Investment (quar.)
Marconi Int'l Marine Communications Co.—
18.3c
register
ordinary
for
receipts
depository
Amer.
25c
McIntyre Porcupine Mines (quar.)
25c
Bonus and extra
5134
(quar.)
pref.
Mercantile Stores Co.,7%
h500
Mississippi Power & Light, .$6 1st pref.
$lit
Monmouth Consolidated Water.7% pf.(qu.)
Montreal Light, Heat & Power (quar.)
75c
Moody's Investors Service, Partic. Pref. (guar.)
314
Muskogee Co., 6% cum. pref. (quar.)
Mutual Telephone (Hawaii) (monthly)
54
Nashua & Lowell RR. (s.-a.)
$1 X
National Biscuit Co., pref. (guar.)
7$1 X
National Grocers,7% preferred
51%
National Lead Co., class A pref. (guar.)
20c
National Power & Light
40c
annual)
(semi
Co.
Transit
National
3c
Nationwide Securities (Colo.), series B
40c
New England Grain Products
50c
(quar.)
common
New Process Co.,
$134
Preferred (guar.)
50c
1900 Corp., class A (quarterly)
15c
North American Oil Consolidated
10c
Oahu Sugar, Ltd. (monthly)
58 1-3c
Ohio Public Service Co.7% pref.(monthly)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
$2.10
Ohio State Life Insurance Co.(guar.)
20c
Onomea Sugar Co. (monthly)
231
Ontario & Quebec Ry., deb. (8.-a.)
Semi-annual
$2
Oswego Falls Corp., 8% pref. (quar.)
75c
Owens-Illinois Glass Co., cow. (quar.)
311i
Pacific American Fire Insurance Co
20c
Pacific Finance Corp. of Calif.(Del.) pref A (qu)
1634c
Preferred C (guar.)
1734c
Preferred D (quar.)
373.c
Pacific Gas & Electric,6% pref. (quar.)
34c
53.4% preferred (quarterly
$494
Package Machinery,7% preferred (guar.)
30 fr
Pechiney Chemicals Co
e
pref
Co.,
$294
3134c
Pennsylvania Bradford
Pitney-Bowes Postage Meter Co.(guar.)
75.•
Princeton Water (N. J.) (quarterly)
50c
Public Service Corp. of N. J.,6% pref. (mo.).—
25c
Quebec Power Co.(quarterly)
Warehouse
Quincy Market Cold Storage &
h$2
5% preferred
Railway & Light Security Co., pref. A (guar.).- $1%
75c
Raymond Concrete Pile Co. preferred (quar.)
30c
Rich's. Inc. (quar.)
5134
634% preferred (quar.)
/III
Russell Motor Car.7% preferred
25c
Ryerson (Jos. T.)& Sons, Inc.. corn. (special)
200
Second Twin Bell Oil Syndicate (monthly)
/Mounties Corp. general $7 pref. (guar.)
$6 preferred(quar.)
40c
Selby Shoe Co. common (quar.)
25c
Extra
$131
Preferred (guar.)
120
Shawinigan Water & Power Co.common (guar.)
Shenango Valley Water 6% preferred (guar.)--- $134
50ie
Sherwin-Williams Co., corn. (guar.)
$134
Preferred AA stock (quar.)
Sierra Pacific Electric 6% preferred (guar.)._ _ _ $134
12 34c
Smith Agricultural Chemical Co. (quar.)
$194
6% preferred (quar.)
9c
Standard Corp. (quar.)
50c
Standard Oil Co.of Kansas(quar.)
35
51
(quar.)
A
pref.
Strawbridge & Clothier,
$2
Syracuse Storage,8% pref.(quar.)
$134
634% preferred (quar.)
3134
6% preferred (quar.)
90c
Thatcher Mfg. Co., cony. pref. (quar.)
10c
Third Twin Bell 011 Syndicate (bi-monthly)
x5%
Tobacco Securities Trust Co., cont. (interim)- - _
$1
Troxel Mfg. Co. common
31%
Preferred (quar.)
8.4c
Trustee Standard Utility Shares
32
Twin Bell Oil Syndicate (monthlyi
$2
United Companies of N. J.(quar.
V
United N. J. RR.& Canal (quar.
V
Quarterly
70
United States Banking Corp.(monthly)
551
pref
7%
Shuttle,
dr
Bobbin
S.
U.
20c
Wailuku Sugar(monthly)
Weston (Geo.), Ltd., pref. (quar.)
West Virginia Pulp & Paper Co. pref.(guar.)--- E

Illi

May 1'Apr. 20
June 30tJune 20
June 11May 21
May 1 Apr. 20
Apr. 25 Apr. 20
May 15 Anr. 30
June 1 May 15
June 1lMay 15
May 15 May 1
May 1 Apr. 17
May PApr. 17
May 11Apr. 20
May 11Apr. 20
May 1Apr. 20
May 1 Apr. 2
May 1 Apr. 14
May 1 Apr. 20
May 1 Apr. 20
June I May 15
May 10 Apr. 25
May 1 Apr. 15
May 1 Apr. 20
May 15 May 1
Apr. 20 Apr. 11
June I May 22
July 20 July 10
June 1 May 18
May 15 Apr. 30
Apr. 27 Apr. 16
May 1 Apr. 13
May 1 Apr. 14
May 1 Apr. 14
May 10 Apr. 30
May 15 Apr. 30
June I May 5
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 25
July 2 June 20
20
y 11
May
Apr.
Apr. 20 Apr. 10
May 1 Apr. 23
June 1 May 1
June 1 May 15
June 1 May 15
June 1 May 14
June I May 14
June 1 May 17
May 15 May 5
May 1 Apr. 17
May 15 May

1

Apr. 24 Apr. 4
June 1 May 1
June 1 May 1
May 15 Apr. 30
May 1 Apr. 14
May 15 May
May 15 Apr. 30
1
May 15 May 1
June I May 19
May 20 May 5
May 1 Apr. 15
May 31 May 17
May
1 Apr. 20
e 15
June
June
June 1 May 7
June 15 May 25
May 1 Apr. 14
May 1 Apr. 20
May 1 Apr. 26
May 1 Apr. 26
May 15
ANp
parr.
y. 2
0
140
1
MayMMa y 14
May 1 Apr. 14
May
1 Apr.
y 1
19
. 14
pr.
20 May 10
I May 1
I May 1
2289
101
Apr. 2289
1 Apr. 14
1 Apr. 14
1 A pr. 14

May
June
June
y
May
May
May
y
ay
ma
M

May 15 Apr. 30
May 15 Apr. 30
May 1
May
May
May
May
May

1 Apr. 25
1 Apr. 20
1 Apr 20
31 May I
25 Apr. 25

May 1 Apr. 18
May 1 Apr. 25
May 1 Apr. 20
May 15 Lvlay 1
June 30 June 15
May 1 Apr. 20
May 1 Apr. 23
May 5 Ain% 30
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 20
May 1 Apr. 20
May 15 Apr. 25
June 1 May 20
May 15 Apr. 30
June 1 May 15
June 1 May 20
May 1 Apr. 20
May 1 Apr. 20
May 15 Apr. 20
July 31 July 2
June I May 16
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 20
May 15 Apr. 30
Apr. 31 Apr. 26
May 15
May 1 Apr. 20
May 1 Apr. 20
May 1
May 5 Apr. 30
July 10 June 20
Oct. 10 Sept. 20
1-10-35 Dec. 20
May 1 Apr. 17
May 1 Apr. 11
May 20 May 15
May 1 Apr. 20
May 15 May 1

Name of Company.
White (S. S.) Dental Manufacturing Co
Whitting Corp,6%% Pref.(quar.)
Worcester Salt,6% preferred (guar.)

When Holders
Per
Share. Payable. ofRecord.
xer1% May 1 Apr. 19
51% May 1 Apr. 20
May 15 May 1
S1

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company.

When Holders
Per
Share. Payable. of Record.

Abraham & Straus 7% pref. (guar.)
$1% May 1 Apr. 14
Adams-Millis Corp. common (guar.)
50c May 1 Apr. 19
Preferred (guar.)
at May 1 Apr. 19
Affiliated Products. Inc.(monthly)
Sc May 1 Apr. 16
Alabama Power Co., $5 preferred (guar.)
$t si May 1 Apr. 16
Alaska Juneau Gold Mines (guar.)
15c May 1 Apr. 10
Extra
15c May 1 Apr. 10
Albany & Vermont R.R Ca.
$1.% May 15 May 1
Allied Chemical & Dye Corp..common (quar.)
$1% May 1 Apr. 11
Allied Laboratories preferred (guar.)
87%c July 1 June 26
Alpha Shares. Inc. (s a.)
15c May 10 Apr. 30
Aluminum Mfg.(guar.).
50c June 30 June 15
Quarterly
50c Sept.30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (gnarl
$1% June 30 June 15
$1% Sept.30 Sept. 15
7% preferred (guar.
7% preferred (guar.
$13 Dec. 30 Dec. 15
Amerada Corp..capitalstock(guar.)
50c Apr. 30 Apr. 16
American Can Co. coin. (guar.)
$1 May 15 Apr. 24a
American Cities Power & Light Corp.—
o May 1 Apr. 11
Class A convertible (quarterly)
American Coal Co.of Allegany Co.(N.J.)
p50c May 1 Apr. 10
American Crayon 6% pref.(guar.)
$1.A May I Apr. 20
$1% June 1 May 25
American Envelope, 7% pref. (guar.)
7% preferred (guar.)
$1% Sept. 1 Aim. 25
7% preferred (guar.)
$13 Dec. 1 Nov. 25
American Factors (monthly)
10c May 10 Apr. 30
American Gas & Electric, preferred (quar.)_
$1% May 1 Apr. 7
25c July 1
American Hardware Corp.(guar.)
25e Oct. 1
Quarterly
Jan 1'35
Quarterly
20c May 1 Apr. 14a
American Home Products Corp. (monthly)
$l3 Apr. 25 Apr. 6
American Ice Co., preferred (guar.)
75c May 15 Apr. 30
American Investors, Inc.,$3 pref.(guar.)
50c May 1 Apr. 21
American Investors of Ill. A (guar.)
40c May 1 Apr. 13a
American Light & Traction Co., corn. (guar.)._
37)c May 1 Apr. 13a
Preferred (quarterly)
May 1 Apr. 20
American Machine & Foundry Co..com.(guar.)
50c May 1 Apr. 20
American Paper Goods (quarterly)
50c May 1 Apr. 14
American Ship Building, common (quar.)
American Smelting & Refining, 7% 1st pref...... 144A June I May 14
250 May 1 Apr. 10
Amer. Water Works & El. Co.,Inc., com.(qu.)lc May 10 Apr. 30
Amparo Mining
Androscoggin Electric,6% pref.(guar.) ,
$1% May 1 Apr, 28
Archer-Daniels-Midland Co.Pref. (guar.)
$1% May 1 Apr. 20
35c May 1 Apr. 20
Asbestos Mfg. Co., cony. pref. (guar.)
Atlantic City Electric, preferred (quarterly)
$111 May 1 Apr.
May 1 MaY
AtlanticMacaroni Co., Inc
Atlas Corp.,$3 pref. A (guar.)
750 June 1 May 19
75c Sent. 1 Aug. 20
preferred (guar.)
75c Dec. 1 Nov.20
3 DI &erred (guar.)
Atlas Powder Co., preferred (guar.)
51% May 1 Apr. 20
$1 May 1 Apr. 13
Austin Nichols & Co., Inc.. prior A (guar.)_ —
Bangor Hydro-Electric, common (guar.)
373c May 1 Apr. 10
Barber(W. H.)& Co.,pref.(guar.)
$1% July 1 June 20
Preferred (guar.)
$1% Oct. 1 Sept.20
Preferred (guar.)
$1% Jan r35 Dec. 20
Beatty Bros. Ltd., pref. (guar.)
$1 A May 1 Apr. 14
81 May 1 Apr. 14
Belding-Corticeill, Ltd., com. (guar.)
Beneficial Industrial Loan Corp., cont. (quar.).. 3734c Apr. 30 Apr. 16
Preferred, series A (quarterly)
itbor.. Ag
87j.c A25cgpary.
Best & Co. common (guar.)
16
Birtman Electric Co. pref. (guar.)
$1% May 1 Apr. 16
Block Bros. Tobacco (guar.)
37c May 15 May 11
Quarterly
373c Aug. 15 Aug. 11
uarterly
37%c Nov. 15 Nov. 11
S13 June 30 June 25
teferred (marl
Preferred guar.
$1 A Sept.30 Sept.25
Preferred guar.
$1% Dec. 31 Dec. 24
$1% May 1Apr.20
Bloomingdale Bros., preferred (guar.)
Bon Ami Co.,class A (guar.)
$1 Apr. 3 AU.r. 15
Boston & Providence R.R. Co.(guar.)
$2.125 July 2 June 20
Quarterly
32.125 Oct. 1 Sept. 1
Bridgeport Machine Co., preferred
Ail Apr. 30 Apr. 20
Briggs Manufacturing Co. (quar.
25c Apr. 30 Apr. 16
Brown Shoe Co.. preferred (guar.)
51.
May 1 Apr. 20
Buffalo Niagara & Eastern Power $.5 1st pref.__ $14 May 1 Apr.
AU!'. 11
Burma Corp.. Ltd., Amer. dep. rec. (inter.)
w2 an Apr. 26
Calamba Sugar Estates (guar.)
40c July 1 June 15
7% preferred (guar.)
350 July 1 June 15
Calgary Power Co.. preferred (quarterly)
51% May 1 Apr. 14
California Packing Corp
37c June 15 May 31
Camps Corp., 6%% preferred (quarterly)
S1t May 1 Apr. 16
Canada Iron Iroundries,6% pref. (semi-annual) $1 A Apr. 30 Apr. 15
Canada Northern Power, Ltd., common (guar.)
250 Apr. 25 IVb,r. 31
Canadian Bronze Co., Ltd., com.(guar.)
15e May 1 Apr. 20
Preferred (quarterly)
$1% May 1 Apr. 20
Canadian Converters, Ltd., com.(guar.)
50c May 15 Apr. 30
Canadian Dredge & Dock„pref. (guar.)
$1% May 1 Apr. 19
Canadian Industries, A & B preferred (quar.)_ 87Ac Apr. 30 AUr.31
Capital Management Corp. (guar.)
15c May 1 Apr. 20
Carnation Co. preferred (guar.)
$1% July 2
Preferred (guar.)
1.% Oct. 2
Preferred (attar.)
1% Ian. 1
Central Cold Storage (guar.)
12)c May 15 May 5
Central Franklin Process, 1st & 2nd prof.
$1% July 2 June 30
(gu.)Central Hudson Gas & Electric, com. (quar.)....
20c May 1 Mar.31
Voting trust certificates (guar.)
20c May 1 Mar.31
Central Illinois Securities. cum. pref. (guar.)
15c May 1 Apr. 20
Centrifugal Pipe Corp. (guar.)
10c May 15 May 5
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Century Ribbon Mill, Inc., preferred (attar.)
$131 June 1 May 19
Cerro de Pasco Copper Corp
50c May 1 Apr. 16
Chain Store Invest. Corp. $6% cum. pref
50c May 1 Apr. 16
Chesapeake & Ohio R.R. preferred (semi-ann.) $3% July 1 June 8
Chicago Mali Order
250 May 10 May 1
Cincinnati Sandusky & Cleveland uref.
$134 May 1 Apr. 16
Cincinnati Union Terminal,4% pref.(quar.).... $131 July 1 June 20
4% preferred (guar.)
8131 Oct. 1 Sept.20
4% preferred (quar.
Janl'35
$1
Citizens Passenger Railway (Philadelphia, Pa.). $1.65 May 1 Dec. 20
Cleve. Cincinnat & St. Louis.5% pref.(guar.). $13-1 Apr. 30 Apr. 20
Cleveland & Pittsburgh, reg. gtd.(guar.)
87 Mc June 1 May 10
Registered guaranteed (quar.)
8731c Sept. I Aug. 10
Registered guaranteed (guar.)
57 c Dec. 1 Nov. 10
Special guaranteed quar.
c June 1 May 10
Special guaranteedquar.
50c Sept. 1 Aug. 10
Sepcial guaranteed guar.
50c Dec. 1 Nov.10
Cluett Peabody & Co., Inc., com.(guar.)
25c May I Apr. 20
Columbia Gas & Electric Corp., common
512Sic May 15 Apr. 20
5% apmulative & convertible pref. (guar.).- - $13-I May 15 Apr. 20
6% preferred (quarterly)
$l A May 15 Apr.
Columbus Ry.Pow.& Lt..6 A % prof. B•(guar.) $1.63 May I Apr. 20
14
Commonwealth Edison Co. (guar.)
May 1 Apr. 14
Commonwealth Investment(San Francisco).—
4c May 1 Apr. 14
Confederation Life Association (guar.)
June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
$1 Dec. 31 Dec. 25




2701

Financial Chronicle

Volume 138

t

Name of Company.

Per
Share.

ma amble
;Apr.!fd
_ _ _
30c PaTVhiiy
Consolidated Amusement
3734c May 1 Apr. 15
(guar.).-Consolidated Chemical Industries,A(quar.).June
I May 15
Consolidated Cigar Corp., pref. (quar.)
$1
May I Apr. 16
Si
Prior preferred (quarterly)
Consolidated Gas of N.Y.,5% pref.(quar.)...... $1g May 1 Aiar. 20
15c June I May 21
Consolidated Paper
Sc Apr. 25 Apr. 14
Consolidated Royalty Oil(guar.)
$131 July 2 June 15
Consumers Power Co..$5 pref.(guar.)
Jun
une
e 15
ttly 2 j
$1.65 J1dy
6.6% preferred (guar.)
7% preferred (guar.)
$1
Apr.
It
ag
50c JunoAp
14
67 preferred (monthly)
6 preferrd (monthly)
1
J
m
une
50c
15
preferred
(monthly)
67
55c May 1 Apr. 14
It
6.6% preferred (monthly
550 JulJune
6.6 preferrednthly
55c July 1 June 15
6.6 o preferred monthly
750 May 15 Apr. 25a
Continental CanCo.. Inc., corn. (guar.)
250 Apr. 30 Apr. 00
Continental Oil of Delaware (initial)
$131 May 1 Apr. 14
Coon (W. B.)7% preferred (guar.)
750 May I Apr. 23
Corn Exchange Bank & Trust Co- com.(quar.)_
3c May 15 Apr. 30
Cresson Consol. Gold Mining & Mill Co.(guar.)
$2 June 30 June 20
Crum & Forster. 8% preferred (guar.)
3% May 1 Apr. 20
Cudahy Packing Co.,6% pref. (semi-annual)
331% May 1 Apr. 20
7% preferred (semi-annual)
Cumberland County Power & Light, pref.(qu.). $1% May 1 Apr. 14
30c May 1 Apr. 20
Cuneo Press, Inc., com.(guar.)
$1% June 15 June I
Preferred (guar.)
50c May 1 Apr. 20
Dayton Power & Light, 6% pref. (guar.)
50c July 1
Denver Union Stockyards (guar.)
50c Oct. 1
Quarterly
50c Jan. 1
Quarterly
June I May 20
7% preferred (guar.)
Sept. I Aug. 20
7% preferred (quar.
Dec. 1 Nov.20
7% preferred (guar •
May 1 Mar.21
Deposited Insurance S res, A (semi-annual)
July 7 June 20
Detroit Hillsdale & Southwestern (semi-ann.)—
Apr. 21 Apr. 13
Dictaphone Corp., common
June I May 18
Preferred (guar.)
June I May 15
Doctor Pepper Co.(guar.)
Sept. 1 Aug. 15
Quarterly
Dec. 1 Nov. 15
Quarterly
May 15 Apr. 30
Dominium Bridge Co.. Ltd.,common (guar.)
Apr. 25 Apr. 10
E. 1. du Pont de Nemours & Co.. deb.stk.(cm.)
May I Apr. 5
Eastern Bond & Share series B (guar.)
June I May 15
Eastern Gas & Fuel Associates, corn.(guar.)._
July 1 June 15
Prior preferred (quarterly)
July 1 June 15
$6 preferred (quarterly)
May 15 May I
Eaton Manufacturing (guar.)
May 1 Apr. 10
Edison Elec. Illuminating Co.of Boa.(quar.)
May 1 Apr. 6
Electric Bond & Share Co.. $6 pref. (quar.)........
May 1 Apr. 6
$5 preferred (quarterly)
May 1 Apr. 16
Electric Power Associates, Inc., cl. A & com___
Oct. 1 Sept. 20
Elizabeth & Trenton (s-a)
Oct. 1 Sept. 20
5% preferred (s-a)
May 1 Ayr. 20
Elmira & Williamsport R.R. (s.-a.)
June I May 22
Empire & Bay State Teleg.,4% guar.(guar.)--Sept. 1 Aug. 22
4 o guaranteed (guar.)
Dec. 1 Nov.21
4 guaranteed (guar.)
May 31 May 21
Emp°re Capital, series A (guar.)
Apr. 30 Apr. 16
Employers Group Assoc. (quarterly)
Eppens, Smith (semi-annual)
Aug. 1 July 25
Escanawba Power & Traction$134 May 1 Apr. 26
6 preferred (guar.)
5131 Aug. 1 July 27
6% preferred (guar.)
$134 Nov. 1 Oct. 26
67 preferred (guar.)
Si May 1 Apr. 16a
Eureka Pipe Line Co.capital stock
Si May 1 Apr. 16
wuarterly
250 June I May 15
Faber Coe & Gregg (quarterly)
250 Sept. 1 Aug. 15
Quarterly
250 Dec. I Nov. 15
Quarterly
250 3-1-35 2-15-35
Quarterly
$131 May 1 Apr. 20
7% preferred (quarterly)
$234 July 1 June 10
Farmers & Traders Life Insurance Co.(luar.)
Quarterly
3231 Oct. 1 Sept. 10
Federal Knitting Mills. com.(guar.)
6231c May 1 Apr. 15
Fiberboard Products, prior pref. (quar.)
$134 May I Apr. 16
Fire Association of Philadelphia (semi-annual)
May 15 Apr. 27
25c May 1 Apr. 20
Franklin Fire Ins. Co. capital stock (guar.)
Franklin Telegraph,
% guar. stock (s.-a.)— $131 May 1 Apr. 14
Freeport Texas,6% preferred (guar.)
$134 May 1 Apr. 13
El May 1 Apr. 16
General Cigar Co.,Inc..common (quarterly)
$131 June 1 hUy 23
Preferred (guar.)
$1 y, Sept. 1 Aug. 23
Preferred (guar.)
Preferred (guar.)
$131 Dec. 1 Nov.22
15c Apr. 25 Mar. 16
General Electric Co.,common
Sendai preferred (guar.)
15c Apr. 25 Mar. 16
General Hosiery 7% pref. (guar.)
$131 May 1 Apr. 20
General Investors Trust (s.-a.)
10c May 1 Mar.31
General Mills, Inc., common (guar.)
750 May 1 Apr. 14
General Motors Corp., $5 preferred (quar.)
$131 May 1 Apr. 9
250 May 1 Apr. 16
General Stockyards Corp., common
$10
21 May I Apr. 16
Convertible preferred (guar.)
Apr. 25 Apr. 20
Gilmore Gas Plant N. I. (monthly)
"r. 2
Gillette Safety Raror Co., preferred (quar.)
$1
J
Are 11
Godman (H. C.), 1st preferred (guar.)
30c May 1 Apr. 10
Gold Dust Corp.. com.(guar.)
e2
12
0
May 2j
Gotham Silk Hosiery Co., preferred (quar.)
1 Aupnr.
JulyM
Gottfried Baking Co.,Inc., preferred (quar.)_
131% Oct. 1 Sept. 20
Preferred (guar.
Preferred (guar.
131% Jan. 2 Dec. 20
$3 June 30 June 28
Grace(N. R.)6% irst pref. (semi-annual)
$3 Dec. 29 Dec. 27
6% first preferred (semi-annual)
10c May 1 Apr. 24
Great Lakes Engineering Works (guar.)
Great Western Electro-Chemical (guar.)
$1 Aay 15 May 5
Green & Coats Street Phila. Passenger Hy.. pref.. $131 July 7 June 22
Preferred
$134 Oct. 6 Sept.22
750 May 1 Apr. 16
Greenfield Gas Light. 6% pref. (guar.)
250 May I Apr. 17
Griesedieck West Brewery Co
15c June 1 May 15
Hale Bros. Stores,Inc.(guar.)
150 Sept. 1 Aug. 15
uarterly
Quarterly
150 Dec. 1 Nov. 15
40c Apr. 30 Apr. 24
Halle Bros. Co., common
$1 A Apr. 30 Apr. 24
Preferred (quarterly)
$131 Aug. 1 July 21
Harbauer Co.. 7% preferred (guar.)
7% preferred (quar.)
51% Oct. 1 Sept.21
707 preferred (guar.)
r35
1g
Dec
Jan e
ay
$
.2
51
14 j
11
5
Hardesty (R.) Mfg.,7% pref.(guar.)
7% preferred (quar.)
$131 Sept. 1 Aug. 15
7% preferred (guar.)
5131 Dec. 1 Nov. 15
Hartford Electric Light(guar.)
68%c May 1 Apr. 14
Hartford Times, Inc.. $3 pref. (quar.)
75c May 15 May 1
Hawaii Consolidated Ry., Ltd.. 7% pref. A._.
20c June 30
HerculesPowder Co., preferred (quar.)
$131 May 15 May 4
Hershey Chocolate Corp., corn. (guar.)
750 May 15 Apr. 25
Convertible preferred (guar.)
$1 May 15 Apr. 25
Hibbard, Spencer, Bartlett& Co.(guar.)
10c Apr. 27 Apr. 20
10c May 25 May 18
Quarterly
Quarterly
10c June 29 June 22
Hollinger Consolidated Gold Mines (monthly)
r5c Apr. 23 Apr. 6
.
Extra
r5c Apr. 23 Apr. 6
Holly Development(guar.)
lc Apr. 15 Mar.31
Home Insurance Co. (guar.)
30c May 1 Apr. 13
Homastake Mining Co.(monthly)
51 Apr. 25 Apr. 20
Extra
$1 Apr. 25 Apr. 20
Honolulu Gas(monthly)
15c May 20 May 12
Monthly
15c June 20 June 12
Hormel(Geo. A.)& Co.,common (guar.)
250 May 15 Apr. 28
Class A preferred (guar.)
$131 May 15 Apr. 28
Horn & Hardart Co.(N. Y.). common (quar.)
40c May 1 Apr. 11
Horne (Jos.) Co., 6% pref. (guar.)
5131 May 1 Apr. 24
Houston Lighting & Power,7% pref. (guar.)._ _ $131 May 1 Apr. 16
$6 preferred (quarterly)
$131 May 1 Apr. 16

Financial Chronicle
Name of Company.

Per
When Holders
Share. Payable. of Record.

Humberstone Shoe (quar.)
50c May 1
Illinois Northern Utilities, 7% Prof. (quar.)
$1% May 1 Apr. 14
6% preferred (quarterly)
$1% May 1 Apr. 14
Imperial Chem.Ind. Amer.dep.rec. for ord.shs.
5% June 8
Deferred shares
I% June 1
Imperial Life Assurance (quar.)
$3% July 3
Quarterly
$3% Oct. 1
Quarterly
$334 Jan.1'35
Indiana Pipe Line
15c May 15 Apr. 27
Industrial CottonMills(R.H..S.C.).7%pf.(qr.)
$1% May 1 Apr. 26
7% preferred (guar.)
$1% Aug. 1 July 27
International Cigar Machinery Co. (quar.)
45c May 1 Apr. 20
International Nickel of Canada, pref. (quar.)_
$1% May 1 Apr. 3
International Printing Ink Corp.. pref. tquar.)- - $134 May 1 Apr. 14
International Utilities Corp.,$7 prior pref. (qu.) 8734c May 1 Apr. 20
$.33.4 prior preferred, series 1931 (quar.)
43%c May I Apr. 20
Interstate Dept. Stores 7% pref. (quar.)
$1% May 1 Apr. 20
Interstate Hosiery Mills (quar.)
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. I
Quarterly
50c Nov. 15 Nov. I
Iron Fireman Mfg. Co., com.(quar.)
20c June 1 May 10
Common (quar.)
20c Sept. I Aug. 10
Common (quar.)
20c Dec I Nov. 10
Jamaica Water Supply, 734% pref. (5.-a.)
$1% May I Apr. 10
Jefferson Lake Oil
25c May 1 Apr. 15
Kalamazoo Vegetable Parchment Co. (quar.)_ _
15c June 30 June 20
Quarterly
15c Sept. 30 Sept. 20
Quarterly
15c Dec. 31 Dec. 20
Kelvinator of Canada. Ltd.117% pref. (quar.)
$1% May 15 May 5
Kendall Co., partic. pf.ser. A (quar.)
$134 June 1 May 10a
Partic. preferred series A (partic. div.)
92c June 1 May 10a
Ring Royalty Co., corn
25c May I Apr. 14
Kress (S. H.) SC Co.. common (quar.)
250 May 1 Apr. 11
Common(extra)
,f50c May 1 Apr. 11
Special preferred (quarterly)
15c May 1 Apr. 11
Kroger Grocery & Baking, common (quar.)......
250 June 1 May 10
Si 34 July 2 June 20
6% preferred (quarterly)
7% preferred (quarterly)
$1% Aug. 1 July 20
Landers, Frary & Clark.com.(quar.)
37Sic June 30
Common (guar.)
3734c Sept. 30
Common (quar.)
37Sic Dec. 31
Landis Machine, pref. (quar.)
$1% June 15 June 5
Preferred (quar.)
SI% Sept. 15 Sept. 5
Preferred (quar.)
$1% Dec. 15 Dec. 5
Lane Bryant, Inc.. 7% pref. (quar.)
$1% May I Apr. 16
Langley s, 7% preferred
h$1% May 15 Apr. 30
Lawbeck Corp.6% preferred (quar.)
$1% May 1 Apr. 20
Lazarus (F. Sr It.) Co., pref. (quar.)
$1% May 1 Apr. 20
Lehigh & Wilkes Barre (quarterly)
$2 Apr. 21 Apr. 12
Libby Owens Ford Glass (quar.)
30c June 15 May 31
Lincoln Nat. Life Ins.(Ft. Wayne)(quar.)
30c May I Apr. 26
Quarterly
30c Aug. 1 July 26
Quarterly
30c Nov. I Oct. 26
6% pref. A (quar.)-- -- $134 May 10 Apr. 30
Lincoln Telep. &
5% special preferred
Teleg..(quar.)
$1% May 10 Apr. 30
Link Belt Co., common (guar.)
10c June 1 May 15
Preferred (quar.)
$1% July 2 June 15
Liquid Carbonic Corp
25c May 1 Apr. 16
Loew's, Inc., $634 preferred (quarterly)
$1% May 15 Apr. 28
London International Trustee Shares, series A
7c May 1 Apr. 15
Lone Star Gas Corp., 634% pref. (guar.)
$1.62 May 1 Apr. 20
Loose Wiles Biscuit Co., corn. (quar.)
50c May I Apr. 20
Preferred (quar.)
$1% July I June 18
Lord & Taylor Co..2nd preferred (quar.)
$2 May 1 Apr. 17
pref. (quar.) $1% May 15 Apr. 30
Los Angeles Gas & Electric
pref.'
(quar.)
Louisiana Power & Light.$6 Corp'
$1% _day 1 Apr. 14
Lunkenheimer Co. 634% pref. (quar.)
$134 July 1 June 22
$1, Oct. 1 Sept. 21
634% preferred (quar.)
$1
Jan. 2 Dec. 22
634% preferred (quar.)
May 15 Apr. 20
& Co.(quar.)
Macy (R.
Magnin (I.) & Co.. preferred (quar.)
$1% May 15 May 5
Preferred (quar.)
$1S4 Aug. 15 Aug. 5
Preferred (guar.)
$1% Nov. 15 Nov. 5
Mahoning Coal. common (quar.)
$6% May 1 Apr. 11
Malone Light & Power. $6 pref. (quar.)
$1% May I Apr. 10
Manhattan Shirt Co., corn. (guar.)
15c June I May 15
Mapes Consol Mfg.(guar.)
750 July 2 June 15
Maytag Co., preferred (quar.)
$1% May 1 Apr. 16
Preferred
85734 May 1 Apr. 16
McCall Corp., orn. (quartery)
50c May 1 Apr. 20
McGoldrick Kond & Mtge., 7% pref. (s.-a.)
$3% May 2
Melville Shoe Corp.. common (quar.)
40c May I Apr. 12
1st preferred (quarterly)
$1% May 1 Apr. 12
7Sic May 1 Apr. 12
2d preferred (quarterly)
Metal & Thermic (quar.)
$1 May 1 Apr. 20
Metropolitan Industrial,6% pref.(quar.)
25c May 1 Apr. 20
Metropolitan Storage Warehouse (quar.)
750 May 1 Apr. 16
Michigan Gas & Electric Co..7% prior lien stock 8734c May 1 Apr. 16
$6 prior lien stock
75c May 1 Apr. 16
Apr. 14
Michigan Public Service Co.,7% pre(
87Sic May
75c May 1 Apr. 14
6% preferred
250 May 15 Apr. 11
Mid-Continent Petroleum
Milwaukee Electric Railway & Light Co.
$1% Apr. 30 Apr. 20
6% Preferred (quarterly)
Minneapolis-Honeywell Regulator Co.. com....
50c May 15 May 4
Modine 'Manufacturing Co. (quar.)
15c May 1 Apr. 20
Apr. 30 Apr. 20
Monsanto chemical Co
el00
May I Apr. I
$I
Montana Power Co..$6 pref.(quar.)
Montgomery & Erie (semi-annual)
1754c May 10 Apr. 10
Montreal Light, Heat & Pow.(quar.)
37c Apr. 30 Mar. 31
Moore Dry Goods Co.(quar.)
$1% July 1 July 1
$1% Oct. 1 Oct. 1
Quarterly
Quarterly
$1% Jan. 1 Jan. 1
Morris 5 & 10c. Stores. 7% pf.(quar.)
$1% July 1 June 20
Oct. 1 Sept.20
7% preferred (quar.)
$1 June 1 May 26
Morris Plan Ins. Soc.(quar.)
Sept. 1 Aug. 25
Quarterly
Dec. 1 Nov. 26
Quarterly
$jSl%i May
1 Apr. 24
Mortgage Corp. of Nova Scotia (quar.)
$134 June 28 June 21
Mutual Chem.of America, pref.(quar.)
$134 Sept.28 Sept.20
Preferred (quar.)
136 Dec. 28 Dec. 20
Preferred (guar.)
National Bearing Metals, pref. (quar.)
$1% May 1 Apr. 18
h$2 May 1 Apr. 18
Preferred (accumulated)
$2 May I Apr. 20
National Carbon Co., preferred (quarterly)-__ _
National Casket Co.. com. (s.-a.)
Si May 15 Apr. 28
50C June 1 May 15
National Container. pref. (quar.)
h50c June 1 May 15
Preferred
50c Sept. 1 Aug. 15
Preferred (quar.)
h50c opt. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (quar.)
h50c Dec. I Nov. 15
Preferred
National Lead Co., class B preferred (quar.)_ _ _ $1 36 May 1 Apr. 20
National Power & Light.$6 pref.(guar.)
$1.% May 1 Apr. 6
40c May 1 Apr. 20
National Screen Service Corp
25c Apr. 30 Apr. 20
National Steel Corp. (quar.)
13%c May 1 Apr. 13
National Tea Co., 53.4 .4 preferred (quar.)
National Telep. &
88c May 1 Apr. 16
$3% 1st pref. (quar.)
88c May 1 Apr. 2
2d preferred (quarterly)
Toles.'
$1% May 1 Apr. 16
Neisner Bros., cum. pref. (quar.)
h$334 May 1 Apr. 16
Cumulative preferred
750 May 1 Apr. 14
Neon Products of West Canada.6% pref.(quar.)
Nevada-California Electric. pref
$1 May 1 Mar.31
Newberry (J. J.) Co.. preferred (quar.)
$lg June 1 May 16
Newberry (J. J.) Realty,634% pref.(quar.)
$136 May 1 Apr. 16
$1% May I Apr. 16
6% preferred B (guar.)
50c May 10 Apr. 20
New Jersey Zinc Co. (guar.)
Nevrmont Mining Corp
50c Apr. 30 Apr. 16
25c Apr. 28 Apr. 17
New York & Honduras Rosario Mining (quar.)_
50c Apr. 28 Apr. 17
Extra
New York Merchandise Co., common (quar.)_ _ 3734c May 1 Apr. 20
$1 May 19 Apr. 30
Norfolk Sc Western.K.R.adiustment pref.(quar.)




Name of Company.

April 21 1934
Per
When Holders
Share. Payable. of Record.

North American Edison Co., pref. (quar.)
Juno 1 May 15
North Ontario Pow. Co., Ltd.,com.(quar.)-_ _ _
Apr. 25 Mar.31
6% preferred (quar.)
Apr. 25 Mar. 31
North River Insurance Co. (quar.)
June 11 June 1
Extra
June 11 June I
Northern New York Utilities, pref. (quar.)___ _
May 1 Apr. 10
Northern ItR. of New Hampshire (quarterly)-Apr. 30 Apr. 6
Northern RR.of N.J.4% guaranteed (quar.)
June 1 May 21
4% guaranteed (quar.)
$1 Sept. 1 Aug. 22
4% guaranteed (guar.)
$1 Dec. 1 Mar. 21
Northern States Power Co..com.(quar.)
25c May 1 Mar. 31
Norwich Pharmacal Co. (quar.)
5134 July 2 June 20
Quarterly
$1 34 Oct. 1 Sept.20
Quarterly
$1% Jan 1'35 Dec. 20
Noyes (Chas. F.), 6% preferred (quar.)
450 May 1 Apr. 28
Oahu Ry. & Land (monthly)
15c June 15 June 11
O'Sullivan Rubber
10c Tune 30 May 31
Outlet Co., common (quar.)
50c May 1 Apr. 20
Common (extra)
50c May 1 Apr. 20
1st preferred (quarterly)
$1% May 1 Apr. 20
2d preferred (quarterly)
$1% May 1 Apr. 20
Pacific Lighting Corp., com.(quar.)
75c May 15 Apr. 20
Pacific Tin Corp.. special stock
$1 May 1
Passaic & Delaware Extention RR. (s.-a.)
$2 May 1 Apr. 21
Peninsula Telephone Co., 7% pref. (quar.)_ _
$1%, May 15 May IS
7% preferred (quar.)
111% Aug. 15 Aug. 6
Penman's, Ltd.(quar.)
75c May 1 Apr. 21
6% preferred (quar.)
$1% May 15 May 5
Pennsylvania Power Co.,$6.60 pref.(monthly)_
55c May 1 Apr. 20
$6.60 preferred (monthly)
Mc June 1 May 21
$6 preferred (quar.)
$1% June I May 21
Petroleum Corp. of America
50c Apr. 30 Mar.29
Philadelphia Co., common (guar.)
20c Apr. 25 Apr. 2
6% preferred (semi-annual)
$134 May I Apr. 1
Philadelphia Electric (quarterly)
450 May 1 Apr. 10
$1% May I Apr. 10
$5 preferred (quar.)
Phillips-Jones Corp., preferred (quarterly)
$1% May 1 Apr. 20
Phillips Petroleum Co
25c May 14 Apr. 12
Phoenix Finance, pref. (quar.)
50c July 10 July I
50c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 .1h 1 '35
Preferred (quar.)
Piedmont & Northern (quarterly)
75c July 10 June 30
Pioneer Mill Co., Ltd.(monthly)
10c May 1 Apr. 21
Pittsburgh Bessemer & Lake Erie R.R.(s.-a.) 75c Oct. I Sept. 15
Pittsburgh Fort Wayne & Chicago:R.R.(quar.)_ 5134 July 3 June 11
Quarterly
$1% Oct. 2 Sept. 10
Quarterly
$11
1-1-35 Dec. 10
July 3 June 11
$1
7 preferred (quar,
$1 * Oct. 2 Sept. 10
7 preferred guar.
7 preferred guar.
$1% 1-1-35 Dec. 10
Pittsburgh Youngstown & Ashtabula R.R.—
$1% June I May 21
7% preferred quar.
$1% Sept. 1 Aug. 20
7% preferred quar.
$1 S/- Dec. 1 Nov. 20
7% preferred quar.
Pollock Paper Sr Box o., pref. (quar.)
June 15
Preferred (quarterly)
Sept. 15
SI, Dec. 15
Preferred (quarterly)
Potomac Edison Co.,7% pref.(quar.)
May 1 Apr. 20
$1
6% preferred (quar.)
May 1 Apr. 20
$1
Powell River. 7% preferred
1 June 1
7% preferred
$1' Sept. 1
$13SI
7% preferred
Dec. I
3734c May 15 Apr. 25
Procter & Gamble, corn. (quar.)
Public Service Co. of Colo., 7% pref. (mo.)__ _ _ 58 1-3c May 1 Apr. 14
50c May 1 Apr. 14
6 preferred (monthly)
41 2-3c May 1 Apr. 14
5 0 preferred (monthly)
Pub ic Service Corp. of Nor. Ill.. 6% pref. (qu.) $1% May 1 Apr. 14
7% preferred (quar.)
$13.1 May 1 Apr. 14
Pullman Inc. (quar.)
75c May 15 Apr. 24
May 31 May 1
Quaker Oats Co.. 6 preferred (quar.)
Quarterly Income Shares, Inc. (quar.)
May I Apr. 14
Railroad Credit Corp
1 '7,e3 Apr. 30
Reading. R.R. common (guar.)
250 May 10 Apr. 12
Real Estate Land Title & Trust (Phila., Pa.)_ _
250 May 1 Apr. 14
Reed (C. A.), class A (quar.)
50c May 1 Apr. 21
Reliance Mfg. Co.of T11., com.(quar.)
15c May 1 Apr. 20
Reublic Insurance, Texas (quar.)
20c May 10 Apr. 30
20c Aug. 10 July 31
Quarterly
Quarterly
20c Nov. 10 Oct. 31
Republic Supply Co. (quar.)
25c July 5 July 2
(Quarterly
25c Oct. 5 Oct. 2
Rhode Island Hospital Trust (R. I.) (quar.)_
330 May 10 Apr. 30
Rhode Island Public Service, 2nd pref. (quar.)_ _
50c May 1 Apr. 16
Richmond Insurance of N. Y. (quarterly)
10c May 1 Apr. 10
Extra
25c May 1 Apr. 10
Riverside Cement, $6 cum. 1st pref. (quar.)_ _ _ _ $1% May 1 Apr. 14
Series A $134 cum. participating
20c May 1 Apr. 14
Rockland Light & Power (quarterly)
20c May 1 Apr. 16
Rolls-Royce, Ltd., ordinary register
ve12% May 23 Apr. 11
American depositary receipts, ord. register_ rw12% May 31 Apr. 11
Rose's 5-10-25c. Stores. Inc. (quarterly)
50c May 1 Apr. 20
preferred (quarterly)
$134 May 1 Apr. 20
7
St. Lawrence Flour Mills Co. Ltd., corn. (guar.) 37Sic May 1 Apr, 20
Preferred (quar )
$134 May 1 Apr, 20
Salt Creek Producers Association (quar.)
20c May 1 Apr. 14a
Savannah Sugar Refining Co., corn. (quar.)- -- - $134 May 1 Apr. 14
Preferred (quar.)
$1' May 1 Apr. 14
Scott Paper Co.,class A preferred (quar.)
$1% May 1 Apr. 17
Class 15I preferred (quar.)
$1% May I Apr, 17
Scotten Dillon Co
30c May 15 May 7
Seeman Bros., Inc.(quar.)
62 Stc May 1 Apr. 16
Extra
May 1 Apr. 16
Sharp & Dohme,cum.cony. pref. A (quar.)
87Sic May 1 Apr. 17
Simpson (Robert) Co.. preferred (8.-a.)
$3 May 1 Apr. 16
Sioux City Stockyards Co., pref. (quar.)
$1
May 15 May 14
Preferred (quar.)
Si
Aug. 15 Aug. 14
Preferred (quar.)
$1
Nov. 15 Nov. 14
Smith (S Morgan) Co.(quar.)
Si May 1
Quarterly
51 Aug. 1
Quarterly
Si Nov. 1
Solvay American Invest. Corp.. 534% pf. (qu.) $134 May 15 Apr. 16
South American Gold & Platinum Co
10c May 29 May 18
Southern California Edison Co.. Ltd. com
2% May 15 Apr. 20
Southern Calif. Gas Corp.. $634 cum. pf.(qu.)_ _
$1% May 31 Apr. 30
Southern Canada Power Co.. Ltd.. corn. (quar.)
20c May 15 Apr. 30
Spiegel. May, Stern, 63.4% pref. (quar.)
h$1% May 1 Apr. 16
Squibb (E. R..) & Sons (quar.)
25c May 1 Apr. 14
1st preferred (quar.)
$134 May 1 Apr. 14
Standard Cap & Seal Corp., common (quar.)_
60c May 1 Apr. 3
Standard Fire Insurance (Trenton, N. J.)
40c Apr. 23
Standard Gas & Electric—
$6 prior preferred (quar.)
45c Apr. 25 Mar. 31
$7 prior preference guar.)
52Sic Apr. 25 Mar. 31
Standard Oil Co. of Kansas (guar.)
50c Apr. 30 Apr, 2
Standard Power & Light Corp.. pref
52Sic May 1 Apr. 14
Stanley Works, 6% preferred (quar.)
3734c May 15 May 5
Steel Co. of Canaria. common (quar.)
May 1 Apr. 7
Preferred (quar.)
43%c May 1 Apr. 7
Suburban Elec. Sec. Co.,6% pref.(quar.)
S134 May 1 Apr. 16
Superior Portland Cement. class A
h55c May 1 Apr. 23
Sutherland Pa per Co
10c May 1 Apr. 20
Syracuse 13'nghamton & New York (quar.)
May 1 Apr. 21
Tacony-Palmyra Bridge, 734% pref. (quar.)
514 May 1 Apr. 10
Teck Hughes Gold Mines. Ltd. (quarterly)_ _ - _
r15c May I Apr. 10
Telautograph Corp. ((mar.)
250 May 1 Apr. 16
Telephone Investment Corp.(monthly)
20c May 1 Apr. 20
Monthly
20c June 1 May 20
Monthly
20c July 1 June 20
Tennessee l'ublic Service. $6 prof
h75c May 1 Apr. 17
Toledo Edison Co., 7% preferred (monthly)..... 58 1-3c May I Apr. 14
6% preferred (monthly)
50c May 1 Apr. 14
5% preferred (monthly)
41 2-3c May 1 Apr. 14

Volume 138

2703

Financial Chronicle

Weekly Return of New York City Clearing House.—
When Holders
Per
Share. Payable. ofRecord.

Name of Company.

Texas Power & Light Co., 7% pref. (quar.)__ - - $1 Y. May 1 Apr. 14
6% preferred (quarterly)
$1% May 1 Apr. 14
Trite Printing Ink, pref. (quar.)
$1;4 May 1 Apr. 14
Tung-Sol Lamp Works $3 cum.pref.(quar.)__- 75c May 1 Apr. 19
$3 cumulative preferred
h25c May 1 Apr. 19
Union Bag & Paper Co
$1 Apr. 25 Apr. 17
Union Oil of Calif. (quar.)
25c May 10 Apr. 19
United Biscuit Co. of Amer.. pref. (quar.)
SI 94 May 1 Apr. 16
United Carbon Co., preferred (8.-a.)
$3;4 July 2 June 16
United Cos.of New Jersey (quar.)
$234 Apr. 29 Mar.20
United Light & Rys.(Del.),7% prior pref.(mo.) 53 1-3c May 1 Apr. 16
7% prior preferred (monthly)
53 1-3c June 1 May 15
7% prior preferred (monthly)
53 1-3c July 2 June 16
6.36% prior preferred monthly
53c May 1 Apr. 16
6.36% prior preferred monthly
53c June 1 May 15
6.36% prior preferred monthly
53c July 2 June 16
6,
ye prior preferred (monthly)
50c May 1 Apr. 16
6
prior preferred (monthly)
50c June 1 May 15
6
prior preferred (monthly)
50c July 2 June 16
United New Jersey RR.& Canal (quar.)
$2;4 July 10 June 20
United Profit Sharing Corp., prff. (s.-a.)
5% Apr. 30 Mar.31
United States Fire Ins. Co. (guar.)
30c May 1 Apr. 23
Extra
10c May 1 Apr. 23
United States & Foreign Securities Corp.
1st preferred (quar.)
$1 A May 1 Apr. 23
U.S.Petroleum Co.(quar.)
lc June 10 June 5
lc Sept. 10 Sept. 5
ic Dec. 10 Dec. 5
U. S. Pipe & Foundry Co.. corn. (quar.)
12;4c July 20 June 30
Common (quar.)
1234c Oct. 20 Sept.29
Common (quar.)
124c Jan. 20 Dec. 31
Preferred (quar.)
SOc July 20 June 30
Preferred (quar.)
30c Oct. 20 Sept. 29
Preferred (quar.)
30c Ian. 20 Dec. 31
United Verde -Extension Mining
25c May 1 Apr. 3
Universal Leaf Tobacco Co., common (quar.)
50c May I Apr. 17
Upper Michigan Pow. dr Lt.pref.(quar.)
$1 A May 15
6% preferred (quar.
$135 Aug. 15
6% preferred (quar.
Nov. 15
$1
6% preferred (quar.
2-1-35
$1
Utica Chenango & Susquehanna Valley
May 1 Apr. 14
Virginian Railway, pref. (quar.)
May 1 Apr. 14
July 2 June 15
Vortex Cup Co.. class A (qua.)
July 20 July 10
Vulcan Detinning Co., preferred (quar.)
fl
70 Oct. 20 Oct. 10
Preferred (quar.)
May 1 Apr. 16
Walgreen Co.,common (quar.)
Walker Mfg., preferred (quar.)
75c May 1 Apr. 20
Walton (Chas. S.), 8% pref. (quar.)
$2 May 1 Apr. 15
Washington Gas Light Co. (quar.)
90c May 1 Apr. 16
Westinghouse Air Brake Co. (quar.)
25c Apr. 30 Mar. 31
Westinghouse Electric Mfg. Co.. pref. (quar.)
97Sic Apr. 30 Apr. 16
West Penn Electric Co.,6% pref. (quar.)
$l)4 May 15 Apr. 20
7% preferred (quar.)
$1 A May 15 Apr. 20
West Penn Power,6% pref.(quar.)
$I A May 1 Apr. 5
7% preferred (quar.)
$1,4 May 1 Apr. 5
Wilcox-Rich Corp., class A (quar.)
62;4c June 30 June 20
Class B stock (quar.)
20c May 15 May 1
Winstead Hosiery (quar.)
$1 A May 1 Apr. 15
Quarterly
$135 Aug. 1 July 15
Quarterly
$1 A Nov. 1 Occ. 15
Wisconsin Telephone Co., preferred (quar.)$13i Apr. 30 Apr. 20
Woodley Petroleum Co
110% Sept.30 Sept. 15
Woolworth (F. W.) Co.(quar.)
60c June 1 Apr. 23
Wrigley (Wm.) Jr. Co.(monthly)
25c May 1 Apr. 20
Monthly
25c June 1 May 19
Monthly
25c July 2 June 20
Monthly
25c Aug 1 July 20
Monthly
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 Sept.20
York Railways, 5% pref. (quar.)
62 Sic Apr. 0 Apr. 20
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until runner notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tots date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payanle in common stock. g Payable in scrip. h On account of accumulated dividends. I Payable in preferred stock.
o American Cities Power & Light pays a dividend of 1-32d of one share
of class B stock, or at the option of the holder 75c. in cash.
p American Coal Co. of Aileg. Co., N J., books close April 10 1934 to
May 2 1934 inclusive.
r Payable in Canadian funds, and in the case of non-residents of Canada,
a deduction of a tax of 5% of the amount of such dividend will be made.
U Payable in U. S. funds. o A unit. to Less depositary expenses.
z Less tax. y A deduction has been made for expenses.

Quarterly
8
Quarterly

The weekly statement issued by the New York City Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, APRIL 14 1934.

Clearing House
Members.

•Capital.

• Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.

Time
Deposits,
Average.

$
6,000,000
20.000,000
127,500,000
20,000,000
90,000,000
32,935,000
21 ,000.000
15,000,000
10.000,000
50,000,000

$
$
87,693,000
9,885,400
301,118,000
31,931,700
35.561,900 a906,099,000
47,510,600
301,902,000
177,660,100 b992,126,000
232,912,000
10,297,500
517.482,000
61.291,500
16.083,700
185,604,000
375.177,000
73,717.000
362,587,000
57,612,800

$
10,141.000
31.586,000
158,961,000
27,292,000
52,118,000
100,318,000
45,121,000
22,110.000
15,262,000
13,260.000

4,000,000
Continental Bk & Tr Co_
Chase National Bank__ e150,270.000
500.000
Fifth Avenue Bank
Bankers Trust Co
25,000,000
10,000.000
Title Guar & Trust Co
5.000,000
Marine Midland Tr Co
12,500,000
New York TrustCo
Comm'l Nat Bk & Tr Co7.000.000
8.250.000
Public Nat Bk & Tr Co_

3,467,400
27,796,000
e59,526,800 c1.210,220,000
43,575,000
3,148,900
60,610.800 d529,450,000
19,250,000
10,655,800
48,092,000
7,314,700
210,800.000
21,490,900
51,749,000
7,572,600
44,229,000
4,860,600

1.254,000
91,519,000
852,000
33,965,000
321,000
4,875,000
17,923,000
1,902,000
33.146,000

nnn

001 09111100

Bank of N Y az Trust Co
Bank of Manhattan Co_
National City Bank..___
Cnem Bank & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co_
First National Bank
Irving Trust Co

Tett.t.

014 occnnn

7nn9nn 71111

04471101

Includes deposits in foreign branches as follows: (a)$218,537,000:(b)$60,571,000;
(c) $72.458,000: (d) $17,163,000.
•As per official reports: National. March 5 1934: State, March 31 1934: trust
companies. March 311934. e As of March 15 1934.

The New York "Times" published regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended April 13:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. APRIL 13 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
23,771,700
Grace National
Trade Bank of N. Y. 2,948,643
Brooklyn—
-

A ona AAA

Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.

Cash.
8
117,800
128,751

$
1,573,300
693,132

etl AAA

SIR nnn

Gross
Deposits.

$
$
1.335.700 22,127,000
249,819 3,356,589
WM AAA

A OK,nnn

TRUST COMPANIES—AVERAGE FIGURES.
Loans,
and
Invest.

DUG.

Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Brooklyn
SZ 1 nivel Ortm.v

Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.

Cash.

Gross
Deposits.

$
$
$
62,354,900 *3,667,500 8,827,200
454,142
6,538,713
61,538
429,788
*593,039
9,466,188
832,500
16,908,700 *2,177,800
500,000
29,865,000 *4.718,600
63,712,069 6,400,000 16,354,846

8
i
1,270,000 63,646,700
497.775 5,927.300
64,368 8,780,226
448,500 15,465,700
32.333,000
58.440,187

2,193,000 17,945,000
1 741 33:3 0_404.674

218,000 97.807,000
28_718.174

93,872,000
95 17A ans

* Includes amount with Federal Reserve as follows: Empire, $2,621,400: Fiduciary. $363,995; Fulton, $2,019,900; Lawyers County, $3,962,100.

Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business April 18
comparison with the previous week and the corresponding date last year:
Assets—
Gold certificates on hand and
from U.S. Treasury (a)
Gold
Redemption fund—F. R. notes
Other cash

due

Apr. 18 1934. Apr. 111934. Apr. 19 1933.
$
$
8
1,389,530,000 1,291,022,000 251,243,000
742,811,000
2,427,000
2,685,000
10,323,000
53,580,000
58,344,000
97,902,000

Total reserves
1,450,537,000 1,352,051,000 1,102,279,000
Redemption fund—F,It. bank notes____
2,565,000
2,401,000
1,000,000
Bills discounted:
Secured by U.S. Govt obligations__
4,950,000
5,474,000
61,914,000
Other bills discounted
13,438,000
14,416.000
48,489,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

18,386,000
2,470,000

19,890,000
2.431.000

149,330,000
381,880,000
249,545,000

159,113,000
376.271,000
251,371,000

187,196,000182,229,000
355,949,000

Total U.S. Government securities—
Other securities (see note)

786,755,000
53,C00

786,755.000
53,000

725,374,000
4,927,000

Total bills and securities (see note)____
Gold held abroad
Due from foreign banks (see note)
F. It. notes of other banks
Uncollected items
Bank Premises
Federal Deposit Insurance Corp.stock—
All other assets

807,664,000

809.129,000

870,049,000

1,193,000
3,935,000
121,915,000
11,434,600
42,529,000
25,144,000

1,193,000
5,758,000
109,835,000
11,434,000
21,265,000
34,265,000

1,477,000
5,922,000
98.170,000
12,818,000

Total assets

110,403,000
29,345,000

1934, in

Apr. 18 1934. Apr. 11 1934. Apr. 19 1933.
$
$
$
Liabilities—
627,315,000 623,476,000 773,976,060
F. R. notes In actual circulation
16,987,000
44,747,000
44,199,600
F. R. bank notes in actual circulation._
Deposits—Member bank reserve aco't-- 1,448,215,000 1,365,480,000 1,047,482,000
3.815.000
5,097,000
10,860,000
Government
3,818,000
612.000
1,796,000
Foreign bank (see note)
32,637,000
42,687,600
29,626,000
Other deposits
Total deposits

Deferred availability items
Capital paid in
Surplus
Reserves (F. D. I. C. stock, self insurance, &c.)
All other liabilities
Total liabilities

1,503.558,000 1,403,826,000 1,084.741,000

126,114,000
59,719,000
45,217,000

109,738.000
59,700,000
45,217,000

86,016.000
58,505,000
85,058.000

47,266,000
13,528,000

47,266,000
13,361,000

1,667,000
6.118,000

2,466,916,000 2,347,331,000 2,113.068.000

Ratio of total reserves to deposit and
F. It. note Ilabliities combined

68.1%

66.7%

59 3%

Contingent liability on bills purchased
for foreign correspondents

1,441,000

1,440,000

16,-60,000

21.353,000

2,466,916,000 2,347,331,000 2,113,068,000

•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925. two new items were added in order to show separately the amount of balances held abroad and amounts due
se foreign correspondents. In addition, the caption "All other earning assets." previously made up of Federal Intermediate Credit bank debentures, was changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items included therein.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
d9.06 cents. these certificates being worth lass to the extent of the difference. the difference itself havInz been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act 0( 1934.




2704

Financial Chronicle

April 21 1934

Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,April 19,and showing the condition
or the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS APRIL 18 1934.
Apr. 18 1934. Apr. 111934. Apr. 4 1934. Mar.28 1934. Mar. 211034. ,lfar. 14 1934. Mar. 7 1934. Feb. 28 1934. Apr. 191933.
S
S
S
S
S
S
S
$
4,476,979,000 4,386.837,000 4,309,575,000 4,281,197,000 4,270,695,000 4,252,321,000 4,152,948,000 3,895.811,000

ASSETS.
Gold ctfs. on hand Bg due fr. U.S.(a)
Gold
Redemption fund (F. R. notes)
Other cash •

31,499,000
224,332,000

Total reserves
Redemption fund-F. Ft. bank notes
Bills discounted:
Secured by U. S. Govt. obligations....
Other bills discounted

32,938,000
225,771,000

33.749,000
215,178,00C

32,911,000
220,886.000

33,568,000
220,181,000

34,014.000
217,411,000

34,163,000
210,841,000

S
920,107,000
2,380,713,000
35,138,0(10
64,775,000
208,727,000 322.554,000

4,733,309,000 4,645,593,000 4,558.502,000 4,534.994,000 4,524,444,000 4,503,776,000 4,397,952,006 4,139.676.000 3,688,149,000
•
10.868,000
8,513,000
9,038.000
11,495,000
11.111,000
8,362,000
12,597,000
1.601.000
8,223,000
8,369,000
32,101,000

18,362,000
46.028,000

124,277,000
289,993,000

Total bills discounted
Bills bought In open market
U.S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills

52,579,000
51,412.000
54,887,000
58,577,000
47,529,000
64,390.000
40,473,000
43,251.000
29,359,000
33.250.000
46,366,000
26,045,000
37,459,000
62,345,000
17,059.000
13,499,000
403,277,000 431,225,000 442,795,000 442,923.000 442,865,000 442.475,000 442,843,000 442,830,000
1,207,603,000 1,179,903,000 1,222,681,000 1,214,246,000 1,224,043,000 1,092,063,000 1,068,318,000 1,055,420.000

414,270,000
208,443,000
421,506,000
457,873,000

Total U. S. Government securities
Other securities

2,430,264,000 2,431,979,000 2,431,762.000 2,431.886,000 2.431,895,000 2,431,840,000 2.431.863.000 2,431,951,000 1,837.104,000
563,000
563,000
653,000
5,559,000
563.000
653,000
653,000
592,000
532,000

816,384,000

9,276,000
33,975.000

820,843,000

12,244.000
35.235,000

766,236,000

13.592,000
38,987,000

774.712.000

11.605,000
39,807,000

764,987,000

12,607,000
42,280,000

896,902,000

615,117,000
613,460,000

920.702,000

933,701,000

957,725,000

Total bills and securities
2,434,793,000 2,492,851,000 2.505,899,000 2.514,387.000 2,517,120,000 2,524,839,000 2,537,459,000 2.559,339,000 2.465,376.000
Gold held abroad
Due from foreign banks
3,131,000
3,131,000
3.760,000
3,130,000
3,132,000
3,132,000
3,128.000
3,485,000
3,130,000
Federal Reserve notes of other banks.....
16.551,000
13,145,000
21.829,000
17,340,000
15.876,000
14,831.000
15.907,000
13,293,000
15,905,000
Uncollected Items
493,347,000 413,780,000 427,933,000 395,844,000 449.448,000 482,658,000 392,474,000 410,791,000 354,608,000
Bank premises
52,432,00C
52,431,600
52,503,000
52.431,000
52,382,000
54,129,000
52,551.000
52.431.000
52,556,000
Federal Deposit Insurance Corp. stock
69,650.000
69,650,00(
60.650.000
69,650,000
69,650.000
69,850,000
139,299,000
69,650,000
All other resources
48,636,000
52,677,000
51,349,000
49,910,000
48,984.000
50.965,000
47.791.00f,
44,942,000
41.879,000
Total assets
7,972,449,000 7,760,942,000 7,694,031,000 7.645,262,000 7,890,908.000 7,714,853.000 7,525,986,000 7,309,002,000 6,637,394,000
LIABILITIES.
F. R. notes In actual circulation
3,029,647.000 3,025,812,000 3.032,016.000 2,997,036,006 2,984.943,000 2,989,052,000 3,002,345,000 2,979,637,000 3,477,393,000
89,336,000 103,552.000 122,743,000 143,877.000 159,371,000 184,543,000 195.376,000
F. R. bank notes In actual circulation....
83,102,000
24,529,000
Deposits-Member banks'reserve account 3,669,177,000 3,560,025.000 3,449,803,000 3,438,948.000 3.449,26)1,0003,454,492.000 3.312.787.000 3,093.119.000 2.158.636,000
29,395,000
66,833,000
Government
34,926,000
68,977,000
56,443.000
45,261,000
25,465,000
24,009,000
16,123,000
4,024,000
Foreign banks
4,565,000
4,623,000
5.019,000
6,178,000
3.433.000
11,088,000
7,378.000
8,994,000
Special deposits-Member bank
27,938.000
22,347,000
29,248,000
25,316,000
1 20,993,000
24,106.000
Non-member bank
9,954.000
12,114,000
10,952.000
11.994,000
11,036.000
11.405,000
6.143,705 1104.109,000 121,924,000 111,838,000
89,111,000
Other deposits
158.178,000
83.324.000 152.349,000
97,747,000
Total deposits
3,900,897,000 3,737,748.000 3,656,794,000 3,656.752,000 3,627,636,000 3.614,082,000 3,480,900,000 3,265.381,000 2.347,538,000
Deferred availability items
488,075,000 422,819,000 427,934,000 394,468.000 462,158,000 478,730,000 394,161,000 406,909,000 333,854,000
Capital paid In
146,363,000 146,389,000 146,273,000 145.586.000 145,731,000 145.820,000 146,118,000 145.310,000 149,700,000
Surplus_
138,383,000 133,343,000 138,383,000 138,384,000 138,383,000 138,383.000 138,383.000 138,383,000 278.599,000
Reserves for Fed. Dep. Ins. Corp. stock:
161.829,000 161,829,000
12,206,000
69,650,000
Paid
69,650,000
69,650,000
69.600,000
69,650,000
69,650,000
Called for payment Apr11 15
69,650,000
69,650,000
69.650,000
69.650,000
69.650.000
69,650,000
24,133,000 639,826,000
46,730,000
All other liabilities
50,993,000
38.706.000
40,236,000
13.575,000
48.880.000
50,115,000
Total liabilities
7,972,449,000 7.760,912,000 7,694,036,000 7,645.262,000 7,690,908,000 7,714,853,000 7.525,986,000 7.309,002.000 6,637,394,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
68.3%
68.2%
68.7%
88.2%
67.8%
66.3%
63.3%
68.4%
68.2%
Contingent liability on bills purchased
4.669,000 ' 4,669,000
4,771.000
4,835,000
for foreign correspondents
4.935,000
4,931,000
4,935,000
50,223,000
4,939,000

s

Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-99 days bills discounted
Over 90 days bills discounted

S

$

3

$

S

$

5

S

29,822,000
3,028,000
4,818,000
2,569,000
236,000

30,600,000
4,600,000
3,096,000
4,725,000
240,000

32,998,000
4,160,000
4,792,000
5,330,000
249,000

37,565.000
2,854,000
5,081,000
6,782,000
297,000

36,605,000
2,964,000
4,757.000
6,774,000
312,000

40,825,000
2,332,000
5,358,000
6,045.000
327.000

46,328,000
3.428.000
4,406,000
4,094,000
321,000

51.491,000
2,700.000
5.519,000
4,285,000
395,000

287,935,000
22,051,000
49,318,000
47,222.000
7,744,000

Total bills discounted
1-15 days bills bought In open market_
16-30 days bills bought in open market...
31-60 days bills bought In open market...
61-90 days bills bought in open market..
Over 90 days bills bought In open market

40,473,000
9,127,000
3,371,000
823,000
178,000

43.251,000
11,427,000
3,365,000
2,209,00C
61,000

47,529,000
13.193,000
7,934,000
3,442.000
1,526,000

52,579,000
13,712,000
6,634,000
7.381,000
1,632.000

51,412.000
9,374.000
12,346.000
7,877,000
3,853,000

54,847,000
9,9(36,000
13,973.000
8,992,000
4,528,000

58,577,000
14.376,000
9,662,000
16,156,000
6,172,000

64,390,000
26.462,000
9,399,000
19,623.006
6,861,000

414,270,000
68,531,000
73.052,000
59,024,000
7,715,000
121,000

Total bills bought In open market
1-15 days U.S. certificates and bills.-18-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U.S. certificates and bills
Over 90 days U. S. certificates and bills._

13.499,000
116,831,000
62,180,000
99,301,0b0
42,210,000
495,857,000

17,059,000
90,229,000
115,530,000
38,975.000
117,466,000
459,643,000

26.045,000
65,338,000
107.179.000
55.075.000
116,816,000
421,378,000

29,359,000
61,190.000
76.574,000
129,575,000
112.861,000
394.508,000

33,250,000
90,095,000
65,338,000
137,939,000
108,816,000
364,808,000

37.459,000
205,729,000
61,190,000
147,928,000
29,325,000
452,730,000

46.366,000
207.760.000
90.095.000
143.318.000
49,875,000
429,654.000

62,345.000
201,999.000
91,980,000
130.564,000
107,475,000
401,279.000

208,443,000
127,997,000
52,400,000
246,975,000
67,450,000
462,903,000

Total 13. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants

816,384,000
509,000

820,843,000
500.000
9,0000

766,286,000
510,000

774,712,000
510,000

764,987,000
510,000

896,902.000
590,000
10,000

920,702,000
590,000
10,000

933,701,000
636,000

957.725,000
5,346,000

17,000
36,000

17,000
36,000

17.000
36.000

53,000

53,000

53,000

53.600

17,000

177,000
26,000
10,000

562,000

562,000

563,000

563,000

563,000

053,000

653,000

653.000

Total municipal warrants
Federal Reserve NotesIssued to F. R. Bank by F. It. Agent
Held by Federal Reserve Bank
In actual drculation

3,309,708,000 3,304,860,000 3,310,969,000 3,250,393,000 3,249,829,000 3,244,240,000 3.250.040,000 3,224,644,000 5,760,879,000
280,061,000 279,043,000 278,953,000 253,362,000 264,886.000 255,228,000 247,695.000 245,007,000 283.486,000
3,029,647,000 3,025,812,000 3.032,016,000 2.997,036,000 2,984,943,000 2,989,052,000 3.002,345,000 2,979,637,00C 3,477.393,000

Collateral Held by Agent as Security for
Notes Issued to BankGold ctfs. on hand & due from U.S.Tress
By gold and gold certificates
Gold fund-Federal Reserve Board
By eligible paper
U.S. Government securltles
Total collateral

.5,559,000
----

3,003,471,000 3,042,896,000 2,924,345,00 2,875,218,000 2,884,152,000 2,897,118.000 2,840.618.000 2,765,318,000 11298619000
1.1328835000
29,332.000
47,019,000
34,413,000
54,148,000
63,030,000
75,426,000
56,471,000
95.149,000 485,164,000
313,400,000 275,400,000 376,000,000 351.700,000 346,700,000 326,400,000 376,000.000 412,800,000 640,000,000
3.346.203.000 1.3.53 714 000 3 447 413 nnn 3 941 nnn nnnn

967 496

nnn 3 94/1

A44

000 3 259 (144 nnn q

971 On7 nnn / on, .... nnn

•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. b Revised.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Ranks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act 01 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 18 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank ofTotal.
Boston. New York. Phila. Cleveland Richmond Atlanta. Chicago. Si. Louts. Minneap. Kan.CtIg. Dallas. San Fran.
ASSETS.
8
8
$
$
$
$
i
Gold certIfIcates on hand and due
from U. S. Treasury
4,476,979,0 355,388.0 1,339,530.0 274,909,0 341,965,0 211,516,0 120,418,0
Redemption fund-F R. notes
31,498,0 2,603,0
2,427,0 3,217,0 3,199,0 1,453,0 2,957,0
224,832,0 15,350,0
58,580,0 36,106,0 14,127,0 9,349,0 11,701,0
Other cash
Total reserves




4,733,309,0 373.341.0 1,450,537,0 314,232,0 359,291.0 222.318.0 135.078.0

8

8

$

$

5

5

955,814,0 189,737,0 101,931,0 162,957,0 93,672,0 279,142,0
7,056,0 1,166,0
1,113,0
730,0
656,0 4,921,0
30,544,0 9,610.0 10,439,0 10,353,0 6,301,0 12.372,0
993.414.0 200.513.0 113.483.0 174 040 n 1651 5590 n 'on

445

n

2705

Financial Chronicle

Volume 138

Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) Omitted.

Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills

Boston. New York.

Total.

RESOURCES (Concluded)Redetn. fund-F. It. bank notes_
BIBS discounted:
Sea. by U. S. Govt. obligations
Other bills discounted

Cleveland Richmond Atlanta.

Phila.
3
858,0

$
1,215,0

358,0
681,0

4,950,0 1,594,0
13.436,0 11,787,0

448,0
1,698,0

222,0
1,387,0

210,0
439,0

1,039,0
681,0

18,386,0 13,381,0
2,470,0 1,275,0

2,146,0
1,130,0

1,609,0
474,0

649,0
581,0

$
8,226,0

$
1,250,0

8,369,0
32,104,0
40,473,0
13,499,0

$
2,565,0

$
269,0

$

Chicago.
3

St. Louts. Ittinneap Kan.Cig,

Dallas. San Fran.

$
434,0

$
247,0

$
150,0

3
474,0

$
764,0

2,0
1,168,0

167,0
91,0

10,0
564,0

267,0

8,0
280,0

400,0
378,0

1,170,0
1,754,0

258,0
382,0

574,0
283,0

267,0
408.0

216,0
2,981,0

778.0
1,080,0

406,277,0 22,991,0
1,207,603,0 80,134,0
816,384,0 54,555,0

149,330.0 25,602,0 30.246,0 13,287,0 12,248,0
387,880,0 84,615,0 108,744,0 47,760,0 44.017,0
249,545,0 56,903,0 74,035,0 32,515,0 29,966,0

67,489,0 13,663,0 15,873,0 13,200,0 18,730,0 23,618,0
214,413,0 47,321,0 29,642,0 46,790,0 31,380.0 84,907,0
155,441,0 32,216,0 20,183,0 31.854,0 21,365,0 57,806,0

Total U. S. Govt. securities_ 2,430,264,0 157,680,0
Other securities
562,0

786,755,0 167,120,0 213,025,0 93,562,0 86,231,0
509,0
53,0

437,343,0 93,200,0 65,698,0 91,844.0 71,475,0 166,331,0

Total bills and securities
2,484,798,0 159,400,0
Due from foreign banks
237,0
3,130,0
Fed. Res, notes of other banks_
357,0
15,905,0
Uncollected items
493,347,0 55,085,0
Bank premises
52,556,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
All other resources
905,0
41,879,0

807,664,0 182,285,0 216,301,0 95,645,0 87,461,0
300,0
119,0
110,0
342,0
1,193,0
913,0
866,0 1,096,0
401,0
3,935,0
121,915,0 38.218,0 46,932,0 42.440,0 17,307,0
11,434,0 4,131,0 6,788,0 3,128,0 2,372,0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
25,144,0 4,760,0 1,462,0 2,008,0 2.724,0

440,267,0 93,840,0 66,555,0 92,519,0 74,672,0 168.189,0
88,0
222,0
88.0
7,0
10,0
414,0
268,0 1,214,0
966,0 1,542,0
2,663,0 1,684,0
61,933,0 21,730,0 12,479,0 30,698,0 17,782,0 26.828,0
7,382,0 3,110,0 1,657,0 3,485,0 1,755,0 4,090,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
692,0
559,0 1,053,0
354,0 1,201,0
1,017.0

7,972,449,0 604,029,0 2,466,916,0 559,848,0 647,349,0 372,332,0 251,687,0 1,526,839,0 326.768,0250,105,0 307,212,0 201,080,0 508,284,0

Total resources

F. R. notes in actual circulation_ 3,029,647,0 243,118,0 627,315,0 242,636,0 295,614,0 142,500,0 129,620,0
1,231,0
F. R.bank notes in act'l circul'n
44,199,0 7,610,0 12,978,0
83,102,0 2,713,0
Deposits:
Member bank reserve account_ 3,669,177,0 266,053,0 1,448,215,0 202,665,0 233,407,0 145,691,0 75,510.0
950,0
Government
10,860,0 2,383,0 3,084,0 18,042,0
68,977,0 1,248,0
148,0
161,0
440,0
406,0
Foreign bank
1,796,0
305,0
4,565,0
Other deposits
42,687,0 21.578,0 8.724,0 6,874,0 10,178,0
158,178,0 5,325,0
Total deposits
3,900,897,0 272,931,0 1,503,558,0 227,066,0 250,621,0 170,768,0 86,786,0
Deferred availability items
488,075,0 52,971,0 126,114.0 35,783,0 44,361,0 41,840,0 16,404,0
Capital paid In
59,719,0 15,679,0 12,635,0 4,968,0 4,419,0
146,383,0 10,692,0
Surplus
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
Reserves: FDIC stock, self Insur47,266,0 17,121,0 16,447,0 6,963,0 7,848,0
ance &c
161,829,0 11,283,0
122,0
234,0
603,0
601,0
All other liabilities
711,0
13,528,0
24,133,0

771,847,0 134,088,0 95,811,0 107,532.0 39,651,0 199,915,0
752,0 2.226,0 3.163,0 3,982,0
4,248,0
614,105,0 129,369,0 72,153,0 138,175.0 115,524,0 223,310,0
516,0 11,005,0 1.782,0 8,822.0
7,516,0 2,769,0
119,0
119,0
301,0
97,0
140,0
533,0
12,783,0 18,185,0 7,772,0 6,541,0 2,390,0 15,141,0
634,937,0 150,463,0 80,538,0 155,840,0 119.815,0 247,574,0
61,887,0 22,478,0 11,768,0 28,866,0 20,877,0 24,726,0
12,536,0 3,963,0 2,999,0 4,153,0 3,962,0 10,658,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
22,718,0
2,233,0

5,946,0
826,0

4,535,0
282,0

4,747,0
235,0

5,490,0 11,465,0
4.439,0
319,0

7,972,449,0 604,029,0 2,466,916,0 559,848,0 647,349.0 372,332,0 251,687,0 1,526,839,0 326,768,0 200,105,0 307,212,0 201,080,0 508,284,0

Total liabilities

Memoranda
Ratio of total res. to dep. & F. It
62.4
65.8
71.0
note liabilities combined
66.9
63.1
72.3
68.3
Contingent liability on bills 111.1
188.0
173.0
A 'CO n
1144 A
1 411 n
513.0 ' 474.0
Chased for Men corresponden
"Other cash" does not Include Federal Reserve notes or banks own Federal Reserve bank notes.

70.6

70.5

64.4

66.1

63.1

66.2

622.0

163,0

114,0

133,0

138,0

350.0

FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve .4 cent at-

Boston. 'Veto York

Total.

Cleveland. Richmond Atlanta.

Phtla

Chicago.

Si. Louis. Minneap Kan.City. Dallas. San Fran.

Federal Reserve notss:
S
S
Issued to F.R.lik. by F.R.Agt. 3,309,708,0 259,866,0
Field by Fed'I Reserve Bank_ __ 280,061,0 16,748.0

$
S
S
S
$
722,706,0 258,916,0 313,266,0 152,223,0 148,188,0
95,391,0 16,280,0 17.652,0 9,723,0 18,568,0

S
S
$
S
S
S
807,563,0 140,023,0 100.784,0 114,945,0 44,297,0 246,931.0
35,716,0 5,935.0 4,973.0 7,413,0 4,646,0 47,016.0

In actual circulation
3,029,647,0 243,118.0
Collateral held by Agent as security for notes Issued to bks:
Gold certificates on hand and
due from U.S. Treasury _ __ _ 3,003,471,0 261,117,0
Eligible paper
29,332,0 1,242,0
U. S. Government securities
313,400,0

627,315,0 242,636,0 295,614,0 142,500,0 129,620,0

771,847,0 134,088,0 95,811,0 107.532,0 39,651,0 199,915,0

723,706,0 220,000,0 259,431,0 152,340,0 94,385,0
870,0
12,362,0 4,899,0 1,874,0 1,260,0
55,000,0
35,000,0 55,000,0

745,213,0 133,936,0 79,615,0 102,290,0 42,675,0 188,763,0
1,274,0
414,0 3,050,0
370,0
1,215,0
502,0
60,000,0
65,000,0 6,000,0 22,400,0 15.000,0

Total enlInfor411

0 RIIS

on.• n

ono .1.1

n

70t1 no. n 0K0 ono A 013 0nq n 1,0

arm n 1511 255 n

511 4230 1404380

1023350 117.701.0 45.725.0 250.037.0

FEDERAL RESERVE BANK NOTE STATEMENT.
:Iwo ciphers (00) Omitted.
Federal Reserve Agent atFederal Reserve bank notes:
Issued to 1'. R. Bk. (outstdg.):
Held by Fall Reserve Bank__
In actual circulation-net_.
Collat. pledged seat. outst. notes:
Discounted & purchased bIlls_U. S. Government securities__

Total.
Boston. New York.
-

s

s

Cleveland. Richmond Atlanta.

Phila.

Chicago.

$

$

s

s

St. Louts. Minneap. Kan.City

s

s

s

s

Dallas. San Fran.

s

s

100,314.0
17,212,0

4,051,0
1,338,0

47,599,0 16.035,0 13,785,0
807,0
3,400,0 8,425,0

1,469,0
238,0

4,534,0
286,0

872,0
120,0

2,402,0
176,0

4,113,0
950,0

5,454,0
1,472,0

83,102,0

2,713,0

44,199,0

7,610,0 12,978,0

1,231,0

4,248,0

752,0

2,226,0

3,163,0

3.982,0

49,274,0 16.500,0 15,000,0

11,0
2,000,0

9,0
7,000,0 10,000,0

3,000,0

7,000,0 15,000,0

on 074 A' la ,1111 A

0

nno n 10 nnn 0

a cm 0

7000 n is 000 n

20,0
129,774.0
,011 00• /I

Total collar...I

$

5,000,0
non n

,

1 M /VIII II

n11 n

7

*1)0es not include $85.651.000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resouiees
and,liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The continent of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929, the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and Include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and Wits sold with endorsement were Included with loans. and some
of the banks included mortgages In investments. Loans secured by U. S. Government obligations are no longer shown sep tritely, only the total of 10354 on securttlel being
given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial paper.
only a BUM) total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays or
moratoria early In March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March I to May 10. but a summary of
them is to be found in the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL II 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and Investments-total
Loans-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
RA9017110 with F. It. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from books
Due to banks
nnrrnarinra from F Ti. Bank




Total.

Boston. New York

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ean.City. Dallas. San Fran.
- -

$

s

s

1,201

8,320

1,029

1,161

8,310

671

3,953

498

437

3,612
4,698

255
416

1,982
1.971

232
266

S
17,611

s

s

311

s

$

s

$

s

$

$

332

1,697

496

337

546

398

1,753

170

182

755

217

162

198

186

881

210
227

57
113

62
120

350
405

81
136

41
121

61
137

61
125

220
661

9,301

530

4,367

531

724

171

150

942

279

175

348

212

872

6,234
3,067

363
167

2,972
1,395

287
244

529
195

121
50

102
48

611
331

183
96

120
55

233
110

162
50

546
326

2,588
246
12,136
4,424
1,305
1,588
3,616
7

199
50
826
345
119
120
201

1,218
50
6.419
1,112
755
145
1,644
6

132
12
653
315
63
142
203,

114
19
586
447
61
100
170
I

40
11
204
131
10
77
80

31
6
169
131
28
85
82

446
51
1,444
469
62
268
463

85
7
339
163
31
94
142

37
4
205
123
7
85
100

76
12
400
167
26
165
224

76
9
274
120
52
130
127

134
1115
612
898
91
177
175

---

2706

Financial Chronicle

•
QUIMartial allb

Ar;;tiLnnarial

Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, April 20.
Maturity.

PUBLISHED WEEKLY

Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America (except Argentina), Spain,
Mexico and Cuba
13.50
7.75
Great Britain, Continental Europe (except Spain), Asia,
Australia, Africa and Argentina
15.00
8.50
Thefollowing publications are also issued:
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTILITY—(semi-annually)
RANK AND QUOTATION RECORD
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The subscription price of the Bank and Quotation Record, the State and
Municipal Compendium and the Railway and Industrial Compendium is
$10.00 per year each. The price of the Public Utility Compendium is
$7.50 per year and the price of the Monthly Earnings Record is $6.00
per year. Foreign postage extra.
NOTICE. On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
in New York funds.

Terms of Advertising
Transient display matter per agate line
45 cents
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On request
CmcAcio-Orricr.—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON7OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E.C.

WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.

Wall Street, Friday Night, April 20 1934.
and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 2692.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Railroad

STOCKS.
[Week Ending Apr. 20.

Sales
for
Week.

Par Shares.
Railroads—
10
Canada Southern _ _100
Duluth S S & Atl_ _ _100 1,900
100 3,000
Preferred
Havana Elec Ry pfd 100
50
300
Hudson & Man pref 100
220
lot Rys of Cent Amer_•
•
230
Certificates
170
100
Preferred
100
Market St RY
160
100
26 preferred
100
10
Preferred
50
10
Morris & Essex
70
yNew On Tex&Mex 100
81,527
N Y Cent rts
110
St Louis-S W pref...100

Range for Week.
Lowest.

I

per share.
54
Apr 16
1
Apr 14
1% Apr 20
7 Apr 20
19% Apr 17
64 Apr 17
5 Apr 17
20% Apr 16
14 Apr 19
2% Apr 19
5 Apr 19
71
Apr 18
16
Apr 19
2% Apr 16
25 Apr 19

Htghest.

Range Since Jan. 1.
1.410e41.

$ per share. $ per share
Fel
54 Apr 16 50
Jan
1% Apr 20
24 Apr 20
Jan
84 Apr 19 3
Jan
20% Apr 20 18
Jan
7 Apr 18 3
Jan
614 Apr 18 34 Ma
Jan
22% Apr 17
Jan
1% Apr 16
3% Apr 18
Jan
Mar
5 Apr 19 5
Jan
71
Apr 18 58
174 Apr 20 1114 Jan
2% Apr 14 134 Mar
27 Apr 20 20% Mar

Indus. & Misc.
100 43 Apr 18 43
Abrah'm & Straus_ _•
Apr 18 35
70 106 Apr 19 106
100
Preferred
Apr 19 89
Amer Radiator & Stand
10 119
Apr 16 119
Sanitary pref__ _ _100
Apr 16 1114
300 9 Apr 16 10 Apr 16 64
Andes Copper Mining
120 74 Apr 18 714 Apr 20 5
Art Metal Construct_10
500 20
Apr 18 21% Apr 18 20
Atl G & W I SS L p1100
130 55 Apr 16 56
Austin Nichols prior A *
Apr 14 3934
Bloomingdale 7%1)1100
120 95
Apr 17 98
Apr 16 88
Blumenthal& Cop!100
120 51
Apr 19 51
Apr 19 48%
Ayr 17 82 Apr 18 78
Bon Ansi class A
300 78
Briggs & Stratton_ _ _ _* 1,000 24 Apr 17 24% Apr 20 15
Brown Shoe pref _ A00
%Apr 19 12334 Ayr 19 1184
1 z1235
*
Burns Bros class B
200 2 Apr 14 2 Apr 14 17
%
Class A cas
300 2 Apr 16 2 Apr 16 1
•

Highest.
per share.
54
Apr
134 Apr
214 Ayr
8% Apr
26% Jan
Apr
7
64 Apr
224 Apr
214 Mar
4
Mar
7% Mar
71 Apr
25
Feb
24 Mar
27
Apr

Jan 43
Apr
Jan 106% Mar
Jan 119
Jan 1014
Jan 9
Jan 22
Jan 59
Jan 100
Feb 56%
Apr 82
Jan 24%
Jan 123%
Apr 334
Jan 44

Apr
Apr
Feb
Feb
Mar
Mar
Feb
Apr
Apr
Apr
Feb
Feb

Jan
Apr
Jan
Jan
Jan

16%
13%
94
9
13%

Mar
Feb
Apr
Feb
Apr

Feb
Jan
Mar
Apr

59
65%
85
79%

Apr
Apr
Apr
Apr

Feb 109
Jan 23
Feb 9%
Jan 25
Jan 80
Jan 18
Jan 100
Mar 145
Jan 4%
Apr 1164
Jan 70
Jan 105

Mar
Feb
Apr
Apr
Mar
Apr
Jan
Apr
Apr
Apr
Apr
Apr

Apr 20 45
Apr 14 19
Jan 55
90 41
Kresge Dept St pref 100
Jan 26%
Apr 17 25% Apr 17 9
Maytag Co pref x-warr*
110 25
Milwaukee Elec Ry &
Jan 70
Light pref
Apr 14 50
10 70
Apr 14 70
100
40 35
Norwalk T & R pref.50
Apr 18 35
API' 18 344 Mar 37
Feb 45
Outlet Co
Apr 17 30
z40 Apr 19 41
Jan 404
Apr 18 3934 Apr 14 21
Peoples Drug Stores--*
500 38
64% cony pret__100
Jan 104
Apr 16 86
Ayr 14 104
210 102
Jan 83
Revere Cop& Br pf _100
Apr 14 46
400 78
Apr 17 83
Standard Brands pt A.*
400 12314 Apr 20 1244 Apr 19 121% Jan 124%
The Fair pref
Jan 79
100
Apr 18 70 Apr 14 50
100 65
Underwood-ElliottFisher pref
Jan 120
10411
Apr 16 102
210119% Apr 16 120
United Amer Bosch _ _ _
Jan 17
1,120 13 Apr 16 164 Apr 18 10
United Dyewood p1.100
Apr 16 70 Apr 20 59% Mar 70
300 65
S Express
Apr 14 14 Apr 19
100', 3,200,
34 Mar 14
Linty Leaf Tob pref_100
Apr 19 1124 Jan 121
60 1194 Apr 16 121
Union Pipe & Rad p1100
10 13 Apr 18 13 Apr 18 44 Jan 17
Vadsco Sales pref__ _100
Jan 214
200 214 Apr 17 21,4 Apr 18 20
Jan 80
Webster Elsenlohr pf 100
Apr 20 65
100 75 Apr 20 75
Wilcox-Rich CIA cony *
200 2914 Apr 17 29% Apr 17 27% Jan 32
•No par value. z Ea-dividend. y Companies reported in receivership.

Apr
Apr

Apr 18 12% Apr 17 11
Checker Cab Mfg Corp5
500 11
Chicago Yellow Cab _ _*
100 11% Apr 16 11% Apr 16 114
Collins& Alkman p1100
460 92% Apr 16 94
Apr 18 79
Colonial Beacon 011 Co'
100 8 Apr 20 8 Apr 20 8
Conde Nast PublIca'ns* 9,800 9% Apr 14 134 Apr 19
Consol Cigar prior pret
x-warrants
30 584 Apr 19 59
100
Apr 16 49
Apr 17 65% Apr 20 47
Crown W'mette 1st pf-•
20 61
Cushm Sons pf(7%)100
Apr 18 804
Apr 18 85
130 85
Apr 17 79% Apr 19 684
Preferred (8%)--__
40 76
Devoe & ReynoldsApr 16 108
100
100 108
1st preferred
Apr 16: 99
Duplan Silk
600 19% Apr 16 204 Apr 20' 16%
270 7% Apr 20
Fairbks Co pref ctts _100
Apr 18 3
Florshein Shoes cl A_'
100 24 Apr 14 24 Apr 14 15
110 75 Apr 17 75 Apr 17 60
Foster Wheeler pref _•
Greene Cananea Cop100
Apr 18 18
10 35 Apr 18 35
Apr 19 98 Apr 16 87
Harbisn-W Ref pref 100
40 96
Helme(G W)pret _100
10 145 Apr 18 145 Apr 18 1234
10
500 3% Apr 20 34 Apr 16 2%
Indian Refining
50 1164 Apr 20 1164 Ayr 20 1167%
Ingersoll-Rand pref_100
Interstate D Sts pret100
300 67 Apr 14 70 Apr 18 21%
Apr 16 105 Apr 14 90
30 101
Island Ck Coal pref....1

Apr
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Feb
Apr
Ayr
Mar
Feb
Ayr
Feb
Feb

The Curb Exchange.—The review of the Curb Exchange is
given this week on page 2693.
p. A complete record of Curb Exchange transactions for the
week will be found on page 2725.




April 21 1934

June 16 1934...
Sent. 15 l934_..
Aug. 1 1935._
Aug. 1 1934._
Dec. 15 1934......
Mar. 15 1935._
Dec. 15 1935.—
Feb. 1 1938...
Deo. 15 l936.__

Int.
Rate.

q%
134%
134%
24%
234%
24%
23407
24%
24%

Bid
100 33
100nss
1011312
1000,2
10111,2
102
1021112
101882,
10288s,

Asked
1001,32
10118,2
10111,2
102112
1022212
1018,s2
103,ss

Maturity.

Int.
Rate.

Bid.

Apr. 15 1936._
June 15 1938_
May 2 1934...
June 15 1935...
Feb. 15 1937—
Apr. 15 1937,...
Mar.15 1988...
Aug. 1 1980...
Beln.15 1987 __

234%
24%
3%
3%
3%
3%
3%
34%
394%

1024,31
102,022
1002,1
1021832
10218,2
10240,
10210,2
102nas
1030ss

Asked.
103212

102"st
1038st
1031st
103,st
1031st
1048ss
103nn

U. S. Treasury Bills—Friday, April 20.
Rates quoted are for discount at purchase.
Bid.
Apr. 25 1934
May 2 1934
May 9 1934
May 16 1934
May 23 1934
June 20 1934
June 27 1934
July 3 1934
July 11 1934

0.15%
0.15%
0.15%
0.15%
0 15%
0.15%
0.15%
0.15%
0.15%

Asked.

Bid.
July 18 1934
Aug. 8 1984
Aug. 15 1984
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934

0.15%
0.20%
0.20'.
0.20%
0.20%
0.20%
0.20%
0.20%
0.200z.

Asked
0.05%
0.05%
0.05%
0.0753)
0.0753)
0.10%
0.10%
0.10%

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation
Daily Record of U. S. Bond Prices. Ayr. 14 Apr. 16 Apr. 17 Apr. 18 Apr, 19 Apr.20
— -— —
1038% 103"s2 10328ss 103"st 10388n
First Liberty LoanHigh
103,8ss 10388,2 10388st 103848 103"st
334% bonds of 1932-47 {Low.
103,882 10328s2 103881, 103"st 1032432
Close
(First 3%,)
2
179
9
52
27
Total sales in 31,000 units.
Converted4% bonds of(High
Low.
1932-47 (First 4s)
_
Close
Total sales in $1,000 units—.
.L
103"st 167"
Converted 44% bondrIgh 16-3-1=L 10-3711-2
of 1932-37 (Fleet 45(e) Low. 103,,s2 103"st 10318,2 103"st 103,42 103"n
Close 103"st 1038832 10328st 1038,s2 103"ss 103"u
195
3
61
107
Total sales in $1,000 units_
31
51
Second converted 44%1111111)
102"n
bonds of 1932-47(F1ret Low.
--102"ss
-----Second 43(a)
Close
__-102nst
____
Total sales in $1,000 units_
10
-Fourth Liberty Loan
-1
10-4.8;; 104812 104,
;
{High 10-1
ss 104,22 104
43g% bonds of 1933-38_ Low. 104,32 1011st 103",, 103"ss 103"ss 1038822
104
104
(Fourth 43(5)
Close 1048st 1048st 104,ss 104
116
77
205
Total sales in $1,000 units—.
91
92
77
Fourth Liberty 1.05n
{High 102"s2 102,022 102,
s2
n 102,st 102% 102,
43g% bonds (2d called)- Low. 102",, 102421 1024n 102'n 102,12 1024n
Close 102",, 102,
st
2s 102,2s 102,n 102,s2 102,
267
Total sales in $1,000 units_ __
105
99
38
73
35
Treasury
{High 111",, 111,
st 111,st 111',, 11028,2 110,sn
4%s 1947-52
Low. 110"st 111
110"st 110"n 110"i2 110,ss
110,42, 110"st 110412
Clan 111"ss 111,
ss 111
35
23
47
Total sales in $1,000 units__
37
37
130
107,n 108"ss 108,,s2
(High 107"ss 107,n 107
4e, 1944-54
4Low. 107"ss 107,s2 108"ss 108,
41 105"ts 108,
ts
(Close 107"n 10742 106",, 108"ss 105,112 108,
s2
83
3
Total sales in $1,000 units__.
90
458
147
29
(High 102nss 102"ss 102,n 1021%2 102,
st 102,ss
1024st 102
4%s-33041943 45
Low. 102"ss 102,n 102
101"st
Close 102,0n 102,12 102,
ss 102,ss 102,
21 101"ss
259
Total sales in $1,000 linen_
11
66
423
146
655
(High 105,0ss 105"ss 105"ss 105nst 1058st 104nn
331e, 1946-58
Low. 105"s2 105"22 105,
n 105'n 105
104,41
(Close 101",, 105",, 105% 105"at 1058u 104"ss
30
56
Total sales in $1,000 units_
18
100
7
33
(High 103"as 103'n 103
102ns, 10281s2 102",,
34e, 1943-47
Low_ 103",. 103
102,0s2 102"ss 102"st 102"st
Close 103"s2 103,s2 102,0st 102"s2 102nn 102"s1
115
Total sales in 61,000 unite—.
402
17
93
77
9
(High 992; 99,0n 9988s2 gene 99nss 9924,
as. 1951-55
Low_ 99,482 99,,st 992822 99,4” 99,0s2 9918ss
Nun
ge2s8
,
9954„
Close
99,4n 99nss 9918s2
Total tales in $1.000 unit......
74
207
76
123
189
696
(High 103,0ss 103,,s2 1031s2 103"s2 1034st 102"st
330. 1940-43
Low. 10320n 1039,2 1038,2 103°,2 1022,” 102"ss
Clow 103nn 103"ss 1038,2 103,0n 103
102,4n
101
Total sates in $1.000 units...40
100
123
502
21
1E118h 103,122 103",, 1038s2 103'n 1038,2 102,,ss
34s, 1941-43
Low. 103",, 103,0n 103
103,33 102842 102,4s2
Clow 1030,2 10312,2 1038,2 103,s2 10281s2 102"st
Total sates in $1,000 units-__
152
50
58
28
64
46
1HIgh 101,41 1018s2 100,832 100,,s2 10088s2 100"n
334e 1946-49.
Low. 101,21 100'8,2 1001822 100"ss 1001882 100,ln
Close 101,s2 100n, 100,822 100.22 1002432 100",,
36
Total sates in $1,000 units...
573
236
29
80
62
{Ftlgb 103,022 103",, 1031,2 103,32 10281u 102"ss
314s, 1941
Low 103"., 103'21 10288,2 102",, 1028822 102":1
,
Close 103"n 1034
1031s2 103sst 10228,2 102"s2
Total sales in $1,000 units...
364
540
63
66
317
375
- — 1011832 1018ost 10118,2 1011,e 101"ss
{High
345, 1944-46
Low..
— 101",, 101"as 10118s2 101142 101,
st
Close
101.1122 101,4n 10118,2 10114:2 101,
s2
Total sales in $1,000 units__
983
1508
399
559
530

Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1
14
26
3
4

First 414s
Fourth 434s (uncalled)
Fourth 44s (2nd called)
Treasury 334s 1943/1047
Treasury 314s, 1941

103",, to 103"st
1038,12 to 1038812
1028st to 10218s,
10218st to 102"ss
103112 to 10341

Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 8.18405.17/4
for checks and 5.1544454 for cables. Commercial on banks: Sight.
5.17; 60 days, 5.1636; 00 days. 5.16; and documents for payment, 60
days. 5.164. Cotton for payment 5.17%.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.82%@
6.6636 for short. Amsterdam bankers' guilders were 68.00@68.34.
Exchange for Paris on London, 77.70; week's range, 78.27 francs high
and 77.70 francs low.
Sterling. Actual—
Checks,
Cables.
High for the week
5.1734
5.17%
Low for the week
5.13
5.1334
Paris Bankers'Francs—
High for the week
6.6636
6.66%
Low for the week
6.5934
6.5936
German Bankers' Marks—
High for the week
39.72
39.73
Low for the week
39.37
39.40
Amsterdam Bankers'Guilders—
High for the week
68.34
68.37
Low for the Week
67.65
67.68

1
2707

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales In computing the range for the year.
HIGII AND LOIV SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Apr. 14.

Monday
Apr. 16.

Tuesday
Apr. 17.

Wednesday
Apr. 18.

Thursday
Apr. 19.

Friday
Apr. 20.

$ Per share $ per share $ per share $ per share $ per share $ per share
6812 6878 6634 6914 6714 6812 6834 694 6914 7034 6934 7212
8634 8634 8638 8714 86
86
8614 86
8538 8638 8534 87
.474 48
47
48
4614 4634 47
4912 50
484 4812 50
2914 2914 2834 2934 284 2918 2914 2958 2912 30
29
304
*32
33
32
32
3112 32
32
3234 33
3312 3312 3312
4414 4414 .43
441, .434 44
44
4412 4412 4412 4412 4412
108 108 .106 109 - 109 109 *10612 10834 10834 109
109 110
*14
18
.1414 18
1712 .14
1414 1414 *14
16 .15
154
*6
634
6
6
*558 612 .6
612
638 612
678 7
*43
4712 .44
4712 *44
4618 4618 4714 4734 494 50
5212
31
31
294 31
3012 3112 314 3378 3412 3512 35
37
.8414 87
84
84
.8812 89
87
87
88
88
88
89
1658 1634 1638 1634 164 1678 1658 1678 1612 164 164 174
*88
92
*88
92 .88
92 .88
92 .88
92 .88
92
*76
90
75
75
*73
79
*72
79
•73
80 .73
80
4612 4634 4558 4658 4534 4658 4634 474 47
4712 4714 474
412 412 .4
434 *4
434 *4
412 412
434 *4
434
*5
512 *5
512 .512 512 *54 54 .54 538
512 *5
.432 412 *414
434 .414 434
438 43*
414 434
43s 438
•1078 11
1078 1078 *1012 1078 *1012 11
*1078 1118
11
113*1
612 65*
•612 634
612 612
612 634
638 612
634 6$4
11
11
1012 11
1158 1118 1184
1034 104 1058 104 11
1314 1314
127s 1338 124 1314 134 1312 1314 1358 1318 13341
*2334 2434 2312 2312 23,2 23,2 2312 24
2334 2412 2358 2514
412 434
412 412 *412 434
434 434
412 412
412 434
*74 8
734 8
73:4 712
734 8
712 712
734 734
638 612
612 612 .612 97, 8634 672
612
672
632
612
.3512 3612 3512 3512 35
35
3612 3612 3412 3412 3612 3612
2914 30
2812 2812 28
28
28
28
28
*2714 29
28
263* 2638 2512 2512 .23
2234 23
*23
25
25
25
30
434 434
434 434
5
434 434
5
.5
5
44 5
•518 8
*614 8
6
6
.7
8
8
8
.634 8
6512 6512 64
6534 64
64
65
6512 6712
6512 6512 67
28
2818 2712 28
284 2814 27
2858 2814 2914 2818 2938
1014 1014 104 1012 101s 1012 11
11
1114 1114 1114 1114
22
2212 2114 22
214 224 2278 2314 2212 2314 2258 2312
.2614 2712 *2814 27
2614 2634 2734 2712 2818 2712 2818
26
.2058 2112 20
2058 20
20
2232 2234 224
2012 22 .21
2834 2834 2758 2834 28
3038
29
29
2912 2858 2934 29
•13I2 1412 *13
15 .13
15
1412 1412 15
14
.13
14
•3358 3514 33
33
3412 344 353*
31
34
31
.3212 34
*78
j
•78
1
1
*78
1
1
*78
112
1
1 14
*832
9
832
858
878 87*
812 812
878 9
878 87s
32
3214 3114 3238 314 32
32
3234 3238 3338 3258 3334
.4138 45 .40
45
*4212 45
*40
42
45
42
*41
45
*62
6512 62
6414 6414
63
62
63
*6158 63 .62
63
.2114 2212 2112 2112 *2112 22
22
2212 .2134 2234 2258 2258
9
9
812 9
812 9
94 934
914 94
914 958
1634 1634 1512 16
16
1652 1634 1714
16
1512 1512 16
*21
23
21
2312
2212 23
21
22
.2012 24
22
22
.1834 19
1814 1834 1812 19
1834 1912 1878 1958
1834 19
6212
8013 6012 6018 6018 5912 5934 6038 604 6078 62
61
2712 28
29
29
31
31
31
31
31
.29
30
30
*1658 1712 1612 1612 1634 1634
173s 1714 1712 1712 1712
17
91
*738 912 41488 92 *888 912 *878 912 *878
*858 10
its *1
*78
118
118
*4 l's .1
1
1
•78
1,8
•212 234
212 212
.212 3
212 212
24 258 .212 3
*334 518 .
378 54 .
54 518
44 54 *414 54 *334 54
634 634 .512 612 .512 7
*512 634
614 614
.512 7
.1134 12
114 1134
12
1218 1212 1214 1278 1218 1234
1214
.28
2814 2712 2812 28
2834 3012 3014 32
3118 32
29
44 474
44 44
434 434
458 458
434 5
434 44
734 778
712 734
8
814
8
712 734
838
734 814
.40
43 .40
40
43 .38
•38
40 .38
43
42
43
134
13: .134 2
*134 2
*134 2
*134 2
.134 2
*58
34
*58
34
*5s
34
*12
34 .
*58
12
14
34
3512 36
3458 3614 3458 3538 3514 36
3558 3658 354 3634
23
23 .2134 2234 .22
2312 24
2414 25
2278 2212 23
3212 324 3158 3218 32
3458 36
3234 34
3538 3714
32
.12334 130 .12314 130 *125 130 •125 130 *125 130
125 1264
184 19
1834 1912 19
1958
184 1834 184 1834 184 1914
*31
3134 2914 31
3274 3234 3414
2912 3012 3014 3112 32
953 958
914
912 *912 934
958 934
94 978 *934 10
*14
114 .1
114 .1
114
114 •118
.118
1
114
1
*212 234
25* 24 .258 24
3
4
334 44
278 278
17972 180
17913 180
182 182 .181 18134
17914 17912 180 181
*94_ .94
_
9414 9412 94
94
9412 9412 94
9414
334 -34-18 3212 -34"
33
3438 344 351: 3438 3512 3452 3614
412 412 .414
412 .414 412
414
412 5
414
5
512
*7
8
*618 8
8
8
612 658
8
1014
934 1114
.358 412 .358 412 *334 412
5
512
412 412
5/
1
4 614
3518 35,2 3418 3538 3414 344 35
351g 3618
3.553 344 38
.
552 758
558 551: *51. 814 .512 714 *512 714 *512 714
.2712 30
29
29 .27
2104 2934 2934 3034 3034 31
31
3712 3712 .3712
_ 4:3814 41
44
404 42
*44
_
45
29
29
2912 -29-12 *261.3 33 .29 -31-1-8 33
34
35
3812
4
4
414
414
414 412
51: 514
434 538
44 44
87s 878
9
958
94 1012 104 1238 1212 143* 1258 134
24
24
*24
3812 *2418 3812 .2478 3812 *2412 3818 •2412 3818
.5112 5212 *51 12 53
.51
53
5132 5184 514 514 5112 52
*37
3712 37'2 37'2 *3712 3878 *3734 3878 3812 3878 •38
40
*3412 37
.3412 37 .3412 37
3778 3772 *37
37
3912
37
.1012 16
.1012 15
.1012 15
*1012 15
*1012 15
*1012 15
4
4
378 4
4
4
418 418 .412 414
4
4
54 514
.5
512
5
538 512
5
5
514
54 518
.2012 24
*18
22 .18
22 .18
22
*18
22 .18
22
112
112
14
112
14
138
138
112
112 112
13s
112
.258 274 *258 278 *258 272 *212 24 *212 278
212 258
28
2814 274 285s: 2714 28
1
4 29314
2912 28/
28
2858 28
325* 3234 3134 3234 3112 323s 325s 3314 32
3312 33
3438
38
38
37
38
37
3734 3734 3918 3812 3934 381 4 4012
*44
46 •427s 46
*4312 4412 4412 441. 4612 4612 4734 4734
.334 35
3312 3312 .31
3312 .31
35 - 35
3534
35
35
*6
7
.614
7
•618 6
634 7
714
714
714
738
312 418
4
412
4
4
414 44
4
418 *312 4
204 2274 2218 2438 22
224 22
23
21
21
21
21
*131 132
132 133
132 132
132 133
132 132
13034 13312
*814 8214 8214 823s 81
8212 8212
81
82
82
82
82
334
4
*334 4
.358 4
4
4
43* 414 .
41s 414
812 7
7
614 638
7
658 634 •658 7
618 658
1512 1534
1453 154 153* 1514 1512 1558 1512 1618 1552 1578
.20
20
213* 20
2034 2034 .19
2112 2012 2012 2012 2012
6,8 61 3
614 614
6,4 614
638 61^
614 612
614
614
13
131s
1278 13
1234 13
14 - 1358 141: 134 1438
13
•I1111 and, naked prices, no sales on this day.




Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

h
No account is taken of suc

PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1933
Lowest.

Highest.

$ Per share $ per share $ per share
Par $ per share
Railroads
345s Feb 8018 July
Atch Topeka & Santa Fe 100 54 Jan 6 7334 Feb 5
50
Apt
7934 June
Preferred
100 7018 Jan 5 8714 Apr 16
1612 Feb
59 July
Atlantic Coast Line RU... 100 39 Jan 6 5414 Feb 16
84 Feb 374 July
Baltimore & Ohio
100 22,4 Jan 4 3412 Feb 5
912 Apt
3914 July
Preferred
100 2412 Jan 9 3738 Feb 6
20
Jan 4134 Dec
Bangor & Aroostook
50 3912 Jan 9 4618 Feb 1
6852 Jan 110 Aug
Preferred
100 9518 Jan 5 110 Apr 20
100
11 Jan 11
1912 Feb 5
6
Apr
30 July
Boston de Maine
312 Mar
838 Feb 7
478 Jan 8
Brooklyn & Queens Tr_No pal
93* July
3534 Apr 601g July
41 Jan 18 5212 Apr 20
No par
Preferred
Bklyn Mash Transit_ _.No pa. 2814 Mar 27 37 Apr 20
2134 Feb
4114 July
64 Mat 8312 June
8218 Jan 4 89 Apr 19
$13 preferred series A_No par
712 Apr
204 July
Canadian Pacific
1234 Jan 2 1814 Mar 12
25
5014 Apr
7912 July
Caro Clinch & Ohio stpd__100 70 Jan 6 88 Mar 14
38
Apr 122 July
100 Central RR of New Jersey.100 70 Jan 15 92 Feb 3
2452 Feb
25 3912 Jan 5 474 Apr 12
4914 Aug
19,700 Chesapeake & Ohlo
23* Jan 15
7 Feb 17
8 July
12 Apr
200 :Chic & East III Ry Co____100
8 Feb 16
100
178 Jan 9
6% preferred
12 Apr
812 July
512 Feb 1
Ps July
278 Jan 3
1CO
800 Chicago Great Western
13* Api
212 Apr
1474 July
614 Jan 4 114 Feb 19
100
500
Preferred
812 Feb 5
1134 July
1
Apr
414 Jan 2
2,700 Chic Milw St P & Pac__No pa,
64 Jan 8 1314 Feb 5
112 Feb
100
1814 July
9.000 ' Preferred
16 July
858 Jan 3 15 Feb 5
114 Apt
14,500 Chicago & North Western 100
Apr
3434 July
2
100
1314 Jan 3 28 Feb 16
Preferred
2,500
Apr
614 Feb 7
104 July
234 Jan 3
1,700 :Chicago Rock led & Pacific100
2
100
458 Jan 3
95s Feb 6
1912 July
312 Apt
1,100
7% preferred
8 Feb 6
15 July
34 Jan 2
278 Apt
100
900
6% preferred
100 27 Jan 4 4038 Feb 1
51 July
1514 Feb
80 Colorado & Southern
100 20 Jan 4 3314 Feb 9
4214 July
1212 Apr
4% let preferred
300
100 20 Jan 12 30 Feb 3
10 Mat 30 July
110
4% 2d preferred
634 Feb 5
114 Feb
1058 June
212 Jan 5
1,200 Consol RR of Cuba pref. _100
212 Jan
100
16 June
3,4 Jan 15 1012 Jan 23
70 Cuba RR 6% pref
100 53 Jan 5 7312 Feb 1
3752 Feb
9334 July
2,000 Delaware & Hudson
46 July
7,900 Delaware Lack & Western_50 2212 Jan 6 3334 Feb 5
1714 Feb
534 Jan 19 1314 Mar 28
2
Feb
1934 July
5,800 Deny tk Rio Or West pref 100
10(
334 Apr
2534 July
137* Jan 8 2474 Feb 5
4,900 Erie
100 18 Jan 3 281s Mar 14
412 Apr
First preferred
2912 July
2,500
212 Apr
100 12 Jan 3 2278 Apr 20
2314 July
1,400
Second preferred
1851 Jan 4 3212 Feb 5
100
3334 July
44 Apr
20,900 Great Northern pref
1614 Feb 20
572 Jan 10
134 Ma: 1112 July
300 Gulf Mobile & Northern 100
3534 Feb 21
100 15 Jan 11
2312 July
212 Mai
Preferred
900
4 Feb 13
600 Havana Electric Ry Co No par
32 Dec
112 Jan 23
234 June
100
712 Jan 2 124 Feb 7
612 July
19 June
1,500 Hudson & Manhattan
100 2812 Jan 8 3878 Feb 5
812 Apt
5034 July
6,500 Illinois Central
16 Mat 6014 July
100 35 Jan 13 4912 Jan 30
100
8% pref series A
Leased lines
100 4834 Jan 5 6412 Apr 11
170
31 Mat 60 July
412 Apr
RR See rile serles A__100(
34 July
174 Jan 8 2414 Feb 6
70
74 Mar 31
418 Feb
1334 Jan 2
1334 Dec
3,100 :Interb, ro RapIdTran etc 100
1,500 Kansas City Southern
101
244 July
11 Jan 8 1914 Jan 16
612 Feb
Fret: rred
100 1534 Jan 5 26 Feb 10 z12 Mat 3414 July
1,000
4,400 Lehigh Valley
50 13 Jan 4 2114 Feb 5
2734 July
858 Feb
2114 Jan
3,100 Loul2,11 r & Nashville.. _,100 484 Jan 4 6212 Apr 20
6758 July
290 :Manhattan Ry 7% guar _100 20 Jan 3 32I251ar 29
12 Mat 28
Oct
Mod 5‘.7 guar
2,900
100
15 Jan 3 1958 Jan 12
6
Jan
20
Oct
Market r ‘
t Ry prior pref. _100
44 Jan 16 107g Mar 16
14 Mat
8 June
12 Jan 11
las Mar 28
100 :Minneapolis & St Louis..100
4 Jan
214 July
300 Minn St Paul & SS Marle_100
12 Ma:
358 Feb 8
578 July
178 Jan 2
818 Apr 20
134 Jan 8
100
7% preferred
100
812 July
14 Api
712 mar 10
212 Dec
4% leased line Ws
100
1412 July
312 Jan 2
100
8 Jan 2 144 Feb 5
514 Jan
174 July
4,200 Mo-Kan-Texas RR_ ___No pa:
Preferred series A
6,400
1112 Jan
100
3714 July
1734 Jan 5 343s Feb 6
1,400 :Missouri Pacific
100
3 Jan 2
14 Ats
6 Feb 5
1014 July
Cone preferred
412 Jan 3
100
934 Feb 1
4,400
158 Apr
1514 July
50 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
Jan
57 July
13
214 Feb 23
10 Nat Rys of Meg 1st 4% pf _100
312 June
1 18 Jan 22
4 Mar
2d preferred
100
1 Mar 7
38 Jan 5
la,, June
4 Jan
100 3112 Jan 6 4514 Feb 5
14
Feb
41,100 New '1 ork Central
581? July
900 NY Chic & St Louis Co...100 15 Jan 3 2534 Feb 23
2758 Aug
218 Jan
Preferred series A
100 1712 Jan 3 3714 Apr 20
25g Apt 344 July
8.900
20 N Y & Harlem
50 108 Jan 2 139 Feb 1 100 Mar 15834 June
11,600 N Y N H & Hartford
Ills Feb
108
344 Ju'Y
1414 Jan 3 24Ig Feb 5
Cony preferred
Apt 56 July
100 2312 Jan 6 3758 Feb 5
7,700
18
8 Jan 5 11'38 Feb 5
900 N Y Ontarlo & western...100
712 Dec
15 July
312 July
18 Hat
1 Mar 21
100 NY Railways pref..... _. No psi
134 Jan 16
44 Apr 20
472 July
7,000 :Norfolk Southern
114 Jan 3
100
12 Apt
100 161 Jan 5 182 Apr 19 1114 Mat 177 July
1,800 Norfolk & Western
Adjust 4% pref
270
74 May 8712 Sept
10
82 Jan 8 9412 Apr 10
344 July
93* Apr
25,300 Northern Paeltle
21I Jan 6 3634 Apr 11
10(
Jan
7 July
1
2 Jan 4
980 Pacific Coast
_ IO
6e Mar 14
lot preferred
10 July
2,400
33g Jan 19 1114 Apr 20
158 Feb
Vo par
7 July
Feb
1
2d preferred
Vo par
2 Jall 3
1,010
612 Mar 14
4214 July
19,400 Pennsylvania
1334 Jan
5( 2914 Jan 4 3778 Feb 19
9 July
4 Feb
100 Peoria & Eastern
108
8 Feb 17
4 Jan 16
37 July
400 Pere Marquette
378 Mai
16,2 Jan 10 33 Feb 6
100
500
Prior preferred
Jan
4412 July
6
18 Jan 13 45 Apr 20
10(
3812 July
1,000
44 Pet
...10(
1612 Jan 10 3612 Apr 20
578 July
610 Philadelphia Rap Tran Co50
2 June
3 Feb 8
538 Apr 19
3 Dec 10 July
412 Jan 12 1438 Apr 19
1.790
7% preferred
50
612 Apr
3534 July
100 Pittsburgh 48 West Virginia 10(1
15 Jan 3 27 Feb 21
400 Reading.
6212 July
2312 Ara
50 43 Jan 2 5632 Feb 5
1s5 preferred
38 July
400
25 Apr
3378 Feb 7 384 Apr 19
5(
200
2312 Mar
2d preferred
37 July
374 Apr 19
5(
294 Jan 11
Rutland RR 7% pref
Jet
15
10(
Feb 7
8 Jan 4
6
1858 July
1,200 :St Louls-San Francisco_ 10(
74 Jac
452 Feb 6
93s July
23s Jan 2
2,000
1st preferred.. ___
914 July
1
Apt
10
618 Apr 4
214 Jan 4
St Louis Southwestern.. .10
22 July
1212 Jan 19 20 Mar 8
514 Mal
1,300 :Seaboard Air Line____No
- pa
2 Feb 6
3 July
1 Jan 2
14 Jar
200
Preferred
38 Has
44 July
100
314 Feb 21
134 Jan 11
31,300 Southern Pacific Co
3834 July
Illg Feb
10(
1812 Jan 5 3334 Feb 5
18,000 Southern Railway
100 2334 Jan 6 3612 Feb 5
418 Ma: 38 July
7,400
Preferred
100
49 July
2734 Jan 6 404 Feb 5
574 Jan
300
Mobile & Ohio stk Cr cap 100 39 Jan 19 4734 Apr 20
Ir
Jan
4014 July
1,000 Texas & Pacific Ry Co_ _.I00 181
/
4 Jan 3 4314 Feb 1
15 Apr 43 July
1,200 Third Avenue
100
6 Mar 1
124 June
418 Feb
814 Jan 12
4,200 Twin City Rapid Trans Nips'
138 Jan 10
412 Apr 16
434 June
54 Dec
2,550
Preferred
101
8 Jan 12 2438 Apr 16
15 June
412 Dee
3,400 ITnIon Pacific
10b 11012 Jan 4 1334 Apr 11
6114 Apr 132 July
1,600 Preferred
.100 7134 Jan 18 8312 Feb 17
7512 July
56
Am
800 :Wabash
100
214 Jan 5
44 Jan 30
712 July
1 12 Jan
2,600
Preferred A
10(
34 Jan 2
752 Apr 11
974 July
1Is Apt
6,700 Western Maryland
100
834 Jan 2 1714 Feb 20
16 July
4
Fet
500
2d preferred
10(1
12 Jan 9 23 Feb 20
1912 July
53* Jar.
1,300 Wertern Pacific
10(
234 Jan 2
912 July
Apr
832 Mar 29
1
101 458 Jan 5 1712Mar 28
8.000
Preferred
le July
174 Mar

Shares.
27,000
2,200
3,600
18,400
1,800
600
130
100
1,300
1,500
53,100
1,300
19,600

ICompanies reported In receivership.

a Optional sale. c Cash sale.

801,1 15 days. r Ex-dIvIdend.

y Ex-rights.

New York Stock Record-Continued-Page 2

2708
tar

HIGH AND LOW SALE PRICES-PER SHARE'. NOT PER CENT.
Saturday
Apr. 14.

April 21 1934

FOR SALES DURING THE,WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.

Monday
Apr. 16.

Tuesday
Apr. 17.

L5 per share 5 per share $ per share
934 934
933 934
934 9'2
•7514 - - 7514 7514 *7412 _ _
3112 -323114 32
3134 -3212
10
10
94 978
978 978
*614 7
*618 612
612 612
778 8
758 734
778 74
9838 99
98
98
984 9812
*258 278
278 278
3
3
21
2114 2012 21.
2058 2078
558
618 *5
*5
618 *5
3i8 34
318 3[4
318 314
12
1358 1218 13
13
14
11
1112 *1012 1114
1114 12
1034 1034 1012 1012 1112 12
*2118 24
2118 214 *21
23
150 150
14812 14912 152 152
*12612 129 .1264 12778 •12612 12758
194 1914 1978
1912 1938 19
•1518 16
*1518 1512 1518 1518

Wednesday I Thursday
Apr. 18.
Apr. 19.

Friday
Apr. 20.

8 per share 5 per share $ per share
958 10 8
934 1018
934 10
*75
. 7712 7712 7514 7514
3112 32
-3134 3218
232 . -324
1014
1038 10
1038 10
10
64 7
*614 634
64 634
712 734
738 712
714 74
99 100
98
9914 9812 994
278 3
278 278 *234 278
204 2114 1978 2114 2018 21
558 54 *5
578 *6
614
318 314
318 314
318 338
1312 1412 1334 1414 1312 1412
1212 1314
1214 1314
1234 13
1212 13
12
1212 1212 1314
23
23
*21
*21
23
*21
152 15214 15112 15212 15112 152
12738 12758 •126 12712 *12612 12712
1978 2014 1934 2038 1912 204
1538 1538 1534 1578 154 1512
55; 54
534 54 *512 534
*37
3934
3934 *37
3934 *37
5258 5212 5234
5112 5234 52
294 31
3134 3378 334 34
20
2014 20
2112 2178 23
49
4838 4838 4878 49
494
1134 124
124 1238 1112 12
68
67
6734 6612 674 67
32
3212 3212 3212 3212
31
110 11012 11012 11012 *108 11012
10334 105
104 1044 10234 104
1444 14434 14414 14414 *143 145
2714 2818 2818 2858 2814 284
53
52
52
84 834 *834 9
1038
9
*28
31
304 3018 3034 34
5812 60
57
5812 *5812 59
"438 5
*412 5
*458 5
4834 50
4912 5034 49
50
312 353
338 312
*312 334
*734 812 *734 812 *74 8'2
10
1058 10
1038 104 104
244 2518 2412 2512
2314 25

578 578
*578 64 *534 578
3812 "3714 3934
*3312 3978 38
5014 5014 4912 5018 4912 5012
2914 2914 2914 2912 2834 2834
1914
1918 1912
•191; 195; 19
49
49
48
49
*4712 4834
1212 1238 1118 1238 1112 12
6814 7018 63
6714 6334 6618
32
32
*3112 32
304 3112
•110 11714 *110_ _ •110
--_
10434 1044 10212 1-6458 10212 104
"14118 14512 *14114 14512 *14312 14512
*28
2778 274
2814 2712 28
*5012
52
*9
934 *834 9
*834 934
*26
31
*2514 31
*2514 31
57
554 554 *56
56
56
*5
512
5
5
458 458
4912 4912 48
504 *4812 4912
34 338
35; 34 "314 34
•758 834 *712 84 *74 814
934 10
1014 1038
978 1014
2412 2412 2414 2414 •2312 24
1378 14
1358 1414 1378 1378 1414 144 1412 1434 1412 15
20
20
2034 2034 204 204
1938 2034 1953 195; 1934 21
•18
1812 18
18
18
18
184 1812 1853 1858 1814 1853
9
9
.812 9
*9
*812 918
9
9
938
*834 914
40
40
*39
3978 39
39
3912 3912 40
40
404 40
3414 3434 34
3412 3418 3412 3434 35
3514 3534 3514 3553
834 9
834 834
834 84
9
9
918
9
878 9
*4234 4412 *4234 4412 *4234 4412 *43
4412 *4258 4312 4312 4312
*834 878
812 9
812 834
838 9
853 9
834 918
14
118
118
118
118
1
1
1,8
1
*1
1,2
1
*7
712
6,2 653
618 618
7
7
778 778 *54 578
*3318 3412 3234 3314 .33
3314 3312 34
3312 3414 34
3418
*6912 7012 *6834 70
7012
6812 69
704 70
6934 6934 70
17
1714 1634 1718 16
17
1753 21634 1714 17
164 17
*618 834
612 634
638 812
612 612
634 634
834 634
2514 2512 2278 2514 2318 2412 2412 2518 24
2414 26
25
•8612 90
89
*8612 89
*8612 89
89
89
89
*8612 89
3014 3012 2912 3018 2912 2912 29
3012 3034
30
2912 30
9
914
812 9
84 93;
838 9
9
914
918 912
27
254 26
28
2712 284
2512 2614 2514 2512 2534 28
2412 2378 2512
23
2112 2112 2112 2212 2112 2112 2134 24
1512 1578 1553 16
1534 16
1512 16
1518 1578 1514 1534
24
2458 2334 2412 2334 2478
2414 2412 2338 2438 2338 24
*5058 5112 51
5278
51
51
51
5112 5158 5112 5112 *52
5
,
8 55;
538 51
*514 5'2
/
4 *538 5'2
514 614
518 518
112 158 *14
158
112
*112 158
112
112 112
14 14
25
26
2634
26
2412 2412 25
*24
25
25
2418 25
4412 4514 43
4434 4258 4334 4314 4414 4318 4412 4314 4414
120 120 *120 12212 12134 12134 12134 12212
12112 12112 120 121
9434 *9014 9412 .92
9412 9412 9312 9338 *92
931
/
4 *9212 931 1
56
5614
5534 56
5512 5512 5534 5534 5512 56,4 5534 56
*114_ •115
__ •11518 130 .11518 . _ *11518 130 *11518 130
194 -2-012 20
21 -2-1.2014 2038 -2120
2012 2053 2118
75
*73
75
75
*71
7334 7334 721.4 74
754 7612 774
41
41
*4012 41
404 4012 *4012 41
4078 4078 4078 4112
5213 5053 5134
53
5112 5234 5112 5214 52
5234 52
.53
111 11134 11212 11278 11334 11334
*10978 111 "11018 111
11078 111
18
1812 1912 181, 181* 1858 1838
1812 181* 18
1812 18
120 12012 11878 1204 119 12138 12138 12312 12214 12358 12258 12378
7214
7214 7134 7134 72
71
6934 7014 71
*71
7114 70
71
74
72
72
7434 73
7234 7314 7118 73
7314 7334
120 120 *1204 122 *12038 122
120 120 *11914 120
•11812 120
0
9
94 1012
9
914
958
84 914
94 94 *9
20
21
2212 2412 2512
21
21
2014 2138 20
1914 20
2034 2118 2038 21
2134
2014 2078 2012 2102 2078 2138 21
78
76
.72
•72
76
7634 *72
7518 7634 7734 7734 78
15
15
1414 15
1438 144 1412 1514 1412 1478 1438 15
774 7712 7818
77
76
7712 *7514 7712 7712 78
77
77
353 358
338 312
/
4 3'2
31
/
4 3'2
31
/
4 312 *31
338 34
1318 1312
1338 12
1234 1212 1212 1234 1314 1234 13
.13
818 838
74 74 *74 8
7,2 778 *738 778 *712 818
*43
49
49
*4612 50
*4612 4878 .45
4512 46
49
*39
1612 1612 1678 1638 1634 1614 1714
16
1578 17
1658 17
1114
11
*11
*11
12
1112
11
12
11
1214 11
*11
22
24
21
2112 2134 2134 22
2158 2138 2034 2112 21
9812 9812
99
9912 9912 99
96 100
06
96
96
96
3212 *324 3212
3218 3234 32
3134 32
33
324 3314 32
_ _
*11312 1147s •11312 11478 *114 11478 11478 115 '115.. *115
90
9012 9034 91
91
904 903-4 91
-91-4
9012 9012 91
64 714
738 734
678 712
714
7
712 753
71z
712
312
314
34 334
312 358
3:/
1
4 358
314 334
34 334
7414 7114 7312
7212 7312 6858 7418 7014 7318 724 7434 72
612 678
658 634
658 678
612 653
612 612
*612 7
8
8
FI
778 9
8
834 94
912 104
*818 812
218 21
/
4
218 24
24 24
214 21
212
/
4
238 238 •214
16
1678 1714 1612 17
1653 1634 1714 1634 1714 164 1712
74
*74
78
74
74
74
7518 7712
78
73 .74
73
644 *60
6478 824 6478
644 *5618 644 .58
*56
*58
65
40
40 .4012 4212 *4013 4212
40
40
*39
*39
40 .39
.1478 22
*1478 22
•1478 22
*14
20
20
*14
20 .14
2978 2878 2934
2912 2912 294 29
2912 29
2912 2978 29
.51
5212 5112 5112 5012 50
5034 5112
5012 51
*5012 54
•9812 100
•100 10112 *100 10112 10138 10112 10012 10112 2101 101
1234 13
1234 .1212 1234
*1212 13
•12
13
•1218 13 .12
5114 52
4714 5233 48
494 4414 484 434 4512
494 49
1438 15 .1412 1434 1412 1478
1412 1412 134 1414 1378 14
858 1.1
878 914
812 9
878 9
884 9
878 94
1358 14
14
1412 144 144 • 144 1438
14
1414 1334 14
5933 5978 60
6412
62
62
6312 64
61,8 5912 61
61
9512 *9412 9512 *9412 9515
9512 *93
9512 *94
9512 *90
.90
512 5,2
5'4
514 534
54
558 584
512 538
578 578
36
3612 36
36
38
36
374 3778 3612 3653
*35
*34
878 94
878 9,4
84 84
84 938
84 918
918 94
34
3412 32
3314 3312 34
34
3312 3312 34
*3418 37
95
95
*9034 95
95
95
*9034 95 •9034 96
*9034 96
1434 15
1412 1434 .14
154 1514 1618 1578 18
•1434 15
8518
8518 *8314 85
8418 8418 85
8312 8312 8312 *82
*82
66
66
67
6814 65
*66
65
66
66
6814 •65
*65
1414 1412 1438 1412 1414 1518
1418 1438 1353 1414 1378 1414
_ *116i4 _ .*11638
11634 11714
•11312- 11412 11412 *11478
181; 11;1
8 1853 19I
1818 1834 184 -1-8-34 1834 179.
1834 -1-917
1738 1634 1738 17
164 1718 1634 1678 1634 1634
17
.Bid and asked prices, no sales on this day.




Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

Lowest.

Shares.
Industrial & Mlacel. Par
Vo pat
8,900 Adams Express
100
160
Preferred
No par
6,000 Adams Millis
10
2,300 Address Multigr Corp
1,800 Advance Rumely
No par
4,900 Affiliated Products Inc.No par
No par
3,300 Air Reduction Inc
1,500 Air Way Elea Appliance No par
46,000 Alaska Juneau Gold M112- --10
No par
100 A P W Paper Co
No par
38,200 Allegheny Corp
Fret A with $30 warr___100
9,200
2,400
Fret A with $40 warr__100
_100
Pref A without
2,500
No par
100 Allegheny Steel Co warr_1,900 Allied Chemical & Dye_No par
100
100 Preferred
8,800 Allis-Chalmers Mfg____No par
.500 Alpha Portland Cement No par
1
700 Amalgam Leather Co
50
200
7% preferred
No par
5,900 Amerada Corp
10,400 Amer Agri° Chem (Del) No par
10
8,200 American Bank Note
50
330
Preferred
3,100 American Beet Sugar__No par
100
1,530
7% preferred
1,300 Am Brake Shoe & Fdy _No par
110
100
Preferred
25
9.800 American Can
100
Preferred
200
1,800 American Car & Fdy___No par
800
100
Preferred
900 American Chain
No par
100
7% preferred
600
1,500 American Chicle
No par
10
200 Amer Colortype Co
3,400 Am Comml Alcohol Corp 20
1,000 Amer Encaustic TIling_No par
Amer European Sec's__No par
12,600 Amer dr Forn Power..__No par
1,900
No par
Preferred
No par
2nd preferred
2,100
1,600
No par
$6 preferred
900 Amer Hawaiian S S Co____10
300 Amer Hide & Leather.No par
100
1,000
Preferred
1
3,900 Amer Horne Products
3,900 American Ice
No par
100
6% non-cum pref
100
3.900 Amer Internal Corp___No par
1,100 Am L France & Foamlte No par
100
Preferred
90
2,200 American Locomotive__No par
1,200
100
Preferred
5,500 Amer Mach & Fdry Co_No par
1,000 Amer Mach Ac Metals__No par
8,400 Amer Metal Co Ltd___No par
100
200
8% cony preferred
730 Amer News Co Inc____No par
17,900 Amer Power & Light__No par
No pat
7,200
56 Preferred
8,300
No par
55 preferred
32,800 Am Rad de Stand San'y No par
14,400 American Rolling Mill
25
500 American Safety Razor No par
1,000 American Seating v I o_No pa
900 Amer Ship & Comm___No par
210 Amer Shipbuilding Co_No par
23,400 Amer Smelting & Relii_No par
100
Preferred
1,000
400
2nd preferred 6% cum_ _ _100
2,000 American Snuff
25
100
Preferred
5.900 Amer Steel Foundries_No pat
100
Preferred
370
No par
900 American Store*
100
3,700 Amer Sugar Refining
100
700
Preferred
2.100 Am Sumatra Tobacco__No par
100
28,500 Amer Telep At Teleg
25
2,500 American Tobacco
25
Common class B
24,500
400
100
Preferred
1,700 2 Ara Type Founders.__No par
100
Preferred
770
27,600 Am Water Wk* & Elec_No par
181 preferred
600
No par
3,100
2,200
2,600
1,600
1,100
200
59,900
900
2,600
170
2,300
30
1,800
94,000
26,400
60.800
2,000
3,930
800
6,900
900
300
50
18,500
900
80
200
36,100
1,700
35,600
24,200
3,200
1,500
670
18,000
900
30
10,600
400
500
14,900
300
13,100
4,400

PER SHARE
Range Since Jan. 1.
On hasty of 100-share lots.

$ per share
658 Jan 8
7014 Jan 25
16 Jan 5
734 Jan 5
518 Feb 10
618 Jan 13
9334Mar 27
14 Jan 3
1914 Mar 1
5 Jan 13
234 Mar 16
578 Jan 4
558 Jan 3
514 Jan 6
1712 Jan 2
144 Jan 8
12218 Jan 16
1612 Jan 8
124 Jan 2
4 Jan 15
25 Jan 6
4112 Jan 4
254 Jan 4
1412 Jan 4
40 Jan 4
712 Jan 4
4612 Jan 4
28 Jan 5
96 Jan 10
9418 Jan 5
12612 Jan 6
2314 Jan 8
3814 Jan 8
612 Jan 11
2012 Jan 10
4814 Jan 8
34 Jan 29
47 Mar 27
233 Jan 8
6 Jan 3
734 Jan 3
17 Jan 4
934 Jan 4
12 Jan 4
1714 Jan 5
714 Jan 12
304 Jan 8
2618 Jan 5
618 Jan 4
3514 Jan 8
612 Jan 8
84 Jan 5
4 Jan 18
2614 Jan 4
50 Jan 8
13 Jan 4
314 Jan 3
18 Jan 4
73 Jan 2
21 Jan 3
572 Jan 4
1334 Jan 6
1278 Jan 5
1334 Mar 20
1712 Jan 6
36 Jan 13
314 Jan 10
1 Jan 4
1914 Jan 4
4014 Mar 27
100 Jan 2
7114 Jan 2
4834 Jan 5
106 Feb 2
19 Mar 27
68 Jan 4
37 Jan 3
46 Jan 3
10313 Jan 3
1512 Jan 5
10734 Jan 4
6514 Jan 6
67 Jan 8
10714 Jan 3
44 Jan 3
734 Jan 6
184 Jan 4
54 Jan 3

1138 Jan 8
American Woolen____No par
100 6158 Jan 4
Preferred
114 Jan 10
1
Am Writing Paper otfs
514 Jan 6
Preferred certificates No par
533 Jan 4
1
Amer Zinc Lead & Smelt
25 3712 Jan 4
Preferred
Anaconda Copper Mining...50 1312 Jan 8
914 Jan 12
Anaconda Wire & CableNo par
18 Jan 8
No par
Anchor Cap
86.50 cony preferred_No par 84 Feb 5
Archer Daniels Midrd_No par 2614 Jan 9
100 110 Jan 24
7% preferred
Armour & Co (Del) pref 100 764 Jan 2
414 Jan 3
Armour of Illinois class A._25
214 Jan 6
25
Class B
100 55 Jan 3
Preferred
5
Arnold Constable Corp
338 Jan 10
414 Jan 5
No par
Artloom Corp
1 Jan 9
Associated Apparel Ind No par
114 Jan 3
1
Associated Dry Goods
Jan 1
50
100
6% 1st preferred
100 50 Jan 4
7% 2d preferred
25 2912 Jan 5
Aasociated 011
1214 Jan 2
At 0 & W I SS Lines__No par
25 2814 Jan 3
Atlantic Refining
3514 Jan 8
No par
Atlas Powder
100 83 Jan 9
Preferred
712 Jan 15
No par
Atlas Tack Corp
Auburn Automobile__No par 4314 Apr 21)
7 Jan 4
No par
Austin Nichols
5P.1 Feb 10
AviatIon Corp of Del (The)_5
11 Jan 8
Baldwin Loco Works..No par
100 35 Jan 8
Preferred
Bamberger (L) 62 Co pret._100 8612 Jan 9
No par
3 Jan 2
Barker Brothers
64% cony preferred__100 1818 Jan 9
5
Barnsdall Corp
7's Mar27
No par 27 Jan 3
Bayuk Clime Inc
100 89 Jan 15
1st preferred
4 Jan 6
Beatrice Creamery
25 10,
100 55 Jan 13
Preferred
Beech-Nut Packing Co
20 58 Mar 2
Belding Ileminway Co_No par
872 Jan 3
Belgian Nat Rys part pref.__
9512 Jan 9
Bandit: Aviation
5 164 Jan 3
1218 Jan 31
Beneficial Indus Loan_ _No par

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ per share $ per share 5 Per share
1178 Feb 5
Feb
1314 July
7712 Apr 19
39
Apr
71 June
3478 Apr 5
8 Apr 2158 July
1138 Feb 6
518 Apr
1212 June
758 Feb 5
134 Feb
938 July
958 Feb 6
558 July
1134 May
10614 Jan 24
474 Feb 112 Sept
314 Feb 16
18 Feb
4 May
2378 Jan 15
1118 Jan 33 Aug
714 Feb 2
1
Jan
952 July
54 Feb 1
7
; Apr
814 July
1618 Apr 10
1
Apr 2178 July
1438 Apr 10
118 Apr 21 July
1438 Apr 9
114 Mar 20 July
2318 Feb 23
5 Mar 26 July
16034 Feb 17
7034 Feb 152 Dec
12914 Apr 5 115 Apr 125
Oct
234 Feb 5
6 Feb 2638 July
2018 Feb 5
584 Jan 24 July
734 Mar 12
33 Feb
914 July
45 Mar 13
5 Feb 40 July
5334 Apr 5
184 Mar 4738 Nov
74 Mar 35 July
36 Jan 24
23 Feb 5
8 Mar 2812 July
4934Mar 2
34
Apr 4978 June
1234 Feb 3
1
Jan
1634 July
71 Apr 12
234 Jan 64 Sept
38 Fen 6
918 Mar 4212 July
Apr
11012
18
60 Mar 106 Aug
10734 Feb 15
4913 Feb 10012 Dec
14512 Apr 13 112 Feb 134 July
3378 Feb 5
618 Jan 3934 July
15 Feb 5934 July
5612 Feb 5
1214 Feb 27
15; Mar
14 July
313 Mar 3112 July
34 Apr 20
34 Mat 51 14 July
60 Apr 20
2 Feb
612 Feb 5
618 June
13 Feb 8978 July
624 Jan 31
1
Jan
5 Feb 16
6 June
372 Apr
1012 Feb 3
13 July
372 Feb
1334 Feb 6
1958 June
30 Feb 7
714 Apr 4478 June
433 Apr 274 June
1712 Feb 6
618 Apr
25 Feb 6
35:4 July
418 Jan
2258 Feb 16
2112 July
1012 Feb 5
212 Mar
16 June
1312 Feb 5712 June
4214Mar 15
3534 Apr 19
244 Dee 4212 May
10 Feb 5
3/
1
4 Feb
174 June
25 Feb 5778 June
4514 Mar 26
11 Feb 6
414 Feb
1518 July
112 Apr 4
14 Apr
312 June
8 Apr 3
114 Jan
12 June
573 Jan 394 July
3834 Feb 6
7458 Mar 13
1714 Jan 63 July
1934 Feb 5
834 Feb 2238 July
938 Feb 1
1
Jan
8 June
318 Feb 2358 July
2758 Feb 15
91 Feb 15
1512 Jan 7572 Nov
17
3434 Mar 13
Jan 3012 July
4
1214 Feb 6
Feb 1978 July
978 Apr 41 18 July
2978 Feb 6
9 Apr 35 July
2614 Feb 7
4,
3 Feb
1758 Feb 1
19 July
534 Mar 3172 July
284 Feb 19
2018 Apr 474 July
514 Apr 19
78 Ma
74 Feb 19
718 July
238 Jan 30
412 Jane
18 Apr
1112 Mar 3634 June
30 Jan 30
5114 Feb 15
1034 Feb 5312 Sept
31
123 Apr 12
Jan 9912 Dec
9434 Apr 11
2013 Jan 73 July
3212 Jan 5114 Sept
5614 Apr 7
111 Mar 17 1024 Jan 112 July
2612 Feb 5
458 Feb 27 July
81 Jan 30
3758 Mar 86 July
4414 Feb 7
30 Feb 4778 July
81 Feb 6
2112 Jan 74 July
11334 Apr 20
80
Jan 11214 July
2053 Mar 13
6
Jan 26 July
12514 Fen 6
8612 Ai,r 13434 July
8238 Feb 6
49 Feb 904 July
844 Feb 5
504 Feb 9434 July
12312 Apr 10 10234 Mar 120 July
13 Feb 21
218 Dec 25 July
2834 Feb 21
7
Oct3778 July
274 Feb 7
1078 Apr 434 July
80 Feb 6
35 Mar 80 June
1718 Feb 5
312 Mae
17 July
8334 Feb 7
2253 Feb 6712 Dec
414 Mar 14
/
1
4 Feb
418 June
1478 Jan 26
1434 July
34 Feb
9 Feb 16
214 Feb
1078 July
5018 Feb 16
20 Feb 68 July
1734 Apr 11
5 Feb 2278 July
12 Feb 5
44 Jan
1512 June
2434 Jan 31
8
Jan 3914 July
100 Apr 17
6213 Jan
90 June
3334 Apr 12
954 Mar 2914 July
115 Apr 12
95 Feb 115 July
9112 Apr 2(
41
Jar, 90 July
8 Apr 13
14 Feb
7/
1
4 June
378 Apr 12
4 Feb
5 July
pc, 183
y
754 Apr 13
8/
1
4 Fen 9
14 Jan
7 July
1033 A nr 20
2 Mar
912 June
312 F b 15
114 Apr
514 June
1814 Feb 6
312 Feb 20 July
7712 Apr 20
18
Feb 6112 July
6478 Apr 20
15
Jan
5134 July
40 Apr 18
64 Mar
3512 July
16 Apr 12
412 Mar
26 July
3514 Feb 5
1233 Feb 3212 Nov
5512 Mar 13
9 Feb 3911 July
10112 Apr 17
60 Apr 834 Sent
1614 Mar 14
112 Fel
3434 Dec
5738 Mar 13
31
Oct 8414 July
16,
8 Mar 5
78 Feb 94 July
1034 Jan 31
513 Feb
1638 July
16 Feb 5
312 Apr
1738 July
6412 Apr 20
912 Apr 80 July
99 Feb 23
6814 Feb 9978 Aug
64 Feb 5
74 June
/
1
4 Jan
38,2 A9[12
518 Apr 2412 July
10 Jan 22
3 Mar
11 July
39 Feb 5
314 Jan
5213 July
98 Mar 16
27
Jan 100 July
18 Feb 6
7 Mar 27 June
8518 Apr 20
45
Feb 85 May
66 Apr 18
45
Jan
7012 June
1518 Apr 20
1212 July
312 Feb
11714 Apr 20
6214 An 10114 Nov
2373 Feb I
614 Feb 2114 July
15 A11:1
131, Sel,t
18 Mar 16

1 Companies reported In receivership. a Optional sale. c Cash Bale. z Ex- livIdend.

July

y Ex-rights.

New York Stock Record-Continued-Page 3

2709

lar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING.
HIGH AND LOIV SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Apr. 14.

Monday
Apr. 16.

Tuesday
Apr. 17.

1Vednesday I Thursday
Apr. 18. I Apr. 19.

Friday
Apr. 20.

Sales
for
the
1Veek.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

PER SHARE
Range for Preoottu
Year 1933.

Highest.

Lowest.

$

Highest.

per share $ Per share
$ Per share
$ per share S per share $ per share S per share Shares. Indus. &Miscell.(Con.) Par $ per share
9 Mar
3313 Aug
No par 2612 Jan 8 3414 Apr 10
3212 3278 3234 3312 3314 3313 3314 3334 3,300 Best & Co
1013 Max
4914 July
4134 4278 4212 4312 42
4338 4273 43% 21,200 Bethlehem Steel Corp No par 3434 Jan 4 4912 Feb 19
2514 Feb 82 July
100 65% Jan 4 82 Feb 19
7% preferred
7614 7678 7678 7758 7612 7738 77
7718 4,000
613 Apr
2912 June
820 Bigelow-Sant Carpet Inc No par 27 Jan 4 40 Feb 5
34
3418 3412 3514 34
35
35
3514
1914 July
1053 Jan 4 1614 Jan 30
No par
1314 1314
3% Feb
1312 1312 1314 1312 1312 1334 1,800 Blow-Knox Co
658 Feb 21 July
18 Jan 12 26 Feb 7
*22
Bloomingdale Brothers_No Par
25 "20
25
25 .20
25
*20
912 Mar 5312 Deo
5 55 Jan 6 6834 Jan 24
62
6234 63
6334 6212 6314 63
6414 4,900 Bohn Aluminum & Br
18
Feb 3712 July
2258 23
25 19% Jan 6 2713 Feb 5
2458 2478 2618 37,000 Borden Co (The)
24
2314 24
512 Feb 2214 Dec
10 2034 Jan 3 28', Feb 5
25
2578 12,700 Borg-Warner Corp
2512 25
2434 25
2518 25
3
8
2
3
Feb
9
Jan
May
413 July
1
:Botany
Cons
Mills
2
clan:
.13
A
4
_50
2
2
.13
*134
4
2
*134
2% Feb
1452 July
12 Jan 6 1813 Jan 30
45.000 Briggs Manufacturing_No p.i
16
1638 1638 1658 1813 1733 1712 18
25 Dec 3814 Sept
35
5 26 Jan 4 3514 Feb 5
5,100 Bristol-Myers Co
33
3318 33
3378 3358 3334 34
60 Dec 8812 June
69
70
69
1,700 Brooklyn U.ilon Clas___No par 61 Jan 4 8012 Feb 6
8878 69
68
68
68
2812 Mai 53% July
No par 5014 Jan 5 61 Feb 16
Brown Shoe Co
58
5558 "55
58 .55
58 .55
.55
Mar
17
10%
134 Mar
Jan
5
1812 June
7
Bruns-Balk*-Collender
2,200
_No
par
914 934
914 912
914 934
8'2 9
2 Feb
932 Feb 5
12% June
10
653 Jan 9
900 Bucyrus-Erie Co
718 7,2 *714 712
738 738
738 7,2
234 Feb
1952 June
Preferred
•1034 1114 1112 1134 1134 1134 1134 12'8 1,400
5 10 Jan 2 1414 Jan 30
2013 Mar 72 June
320
6453 6458 6458 6458 66
100 6312 Jan 9 75 Jan 15
66
6412 6412
7% Preferred
752 Jan 30
14 Apr
9% July
No par
558 534
538 Jan 3
6
612
614 638
638 673 17,700 Budd (E G) Mfg
3 Mar
35 July
32
32
7% preferred
3114 32
3834 1,490
3538 35
35' 34
3114 31,4 31
'00 25 Jan 2 3834 Apr 20
538
Jan
30
378 373
534 July
3% Jan 5
378 4
334 378
4
412 5,900 Budd Wheel
No Par
378 373
*334 373
6 Mar 6
*434 512 *434 512 •434 512
2% Jan 9
78 Mar
5 June
500 Buiova Watch
No par
512 534 *518 573
514 512
313
13,42 Feb
*12
1212 12
JApre
1314 July
12
7% Jan 4 1512 Feb 16
1,300 Bullard Co
No per
1178 12
1212 1234 1258 1258 1278 1278
6 Feb 21
5 June
'214 4
158 Jan 26
Burns Bros class A
No par
*234 312 *234 312 '234 312
•234 4
'234 4
Jan
13 June
1014 1012 10
4 Jan 9 1512 Feb 20
1112
7% preferred
1034 1014 1034 1014 105* •1018 1012 11
520
100
1534 1573 1512 1578 1538 1512 1533 18
6% Feb 20% July
1434 Mar 28 z1933 Feb 1
1614 5,700 Burroughs Add Mach--No Par
1534 1578 16
3% Feb 9
8 June
•214
I
Apr
278 *212 278 '212 278
*21
*1 12
3 :
212 212 *212 5
100 /Bush Term
21s Jan 2
2
1
No par
1
Apr
6 Mar S
*414 512 •4
5
438 438
312 Jan 20
434 434
9,2 June
200
.312 5
Debenture
100
:
1 12,3
4% Dec
1212 1212 1212 1212 12
1212
8 Dec
12
12
90 Bush Term BI gu prod ctf.s_100
12
5% Jan 3 1534 Feb 23
•10
2% June
218 Feb 16
11.
118
I
Feb
*112 138
113 Jan 13
112
112
500 Butte & Superior Mining_10
112 112 •113 138
18 Mgr
3 Feb 16
414 June
.212 278
212 212 1,000 Butte Copper & Zinc
234
258 258
2 Jan 2
233
234 278
273 278
b
434 Feb 1
114 Apr
414
713 June
4
414
412 412
378 4
1,100 Butterick Co
41s 414 .4
213 Jan 2
No pat
.312 414
812 F
Fe
eb 43% July
2738 2778 2534 2712 2678 2712 2713 23
21% Jan 6 3234 Feb 7
27
28
2634 2814 4,700 Byers Co(AM)
No par
58
3018 Mar 80 July
53
*58
180
8078 6078 8078 6112 6112 6212 67
8078 *58
Preferred
100 4714 Jan 15 67 Apr 20
ar
3434 July
2812 29
734 Mat
1834 Jan 4 30% Apr 18
28
2912 2778 2812 2878 3038 2913 3014 2918 3014 11,200 California Packing ____No par
1 Jan
134 Jan 23
1
2% June
1
118
1
1
1
118
118
1
% Jan 9
1,600 Callahan Zino-Lead
1
10
118 *1
514 538
Feb14
653 Feb 5
4 Jan 3
514 578 4,000 Calumet & Hada Cons Cop_25
538 538
514 512
9% June
514 512
518 514
Feb
1614 July
1334 1334 1358 1378 1,500 Campbell W & C Fdy __No par
1358 1338 1312 1378 •13
1414 •I312 14
912 Jan 4 1578 Feb 23
2634 2634 2612 27
2778 2734 28
4112 July
7,500 Canada Dry Ginger Ale.-5 2414 Jan 4 2918 Feb 1
2638 2634 2634 2714 27
14 Feb
3512 July
3934 3714 3638 37
.3512 37
3614 37
3,400 Cannon Mills
38
3512 37
36
No par 2812 Jan 4 38 Apr 2
912
1212 July
*9
414 Oat
918 918
1014
•87
8
9
97
8
9
953
1,200 Capital Admirals al A
1
533 Jan 2 10 Apr 13
934 934
3513 3512 36
33
25% Jan 3512 July
39
35
730
3312 33% 34
33,2 •3212 34
10 2634 Jan 24 39 Apr 20
Preferred A
etu
b 10312 July
•71
51113 MF
Fe
691
7134 6634 7012 6712 6834 6834 6934 68
3
40
6914 71
7,100 Case (J I) Co
100 6518 Jan 8 8634 Fen 6
•7634 7978 •7718 7978 7634 7718 77
8614 July
77
•76
77
7718 77
290
Preferred certificates_ _100 68 Jan 5 8413 Feb 6
3212 3134 3212 3214 3234 8,000 Caterpillar Tractor___No Par 2312 Jan 4 32% Apr 10
3134 32
2934 July
3034 3218 31
3134 32
3714 3733 3638 3634 36
Fe
3658 3712 14,10 Celanese Corp of AmNo par 33% Jan 2 44% Feb 5
F
3678 3653 3734 3658 37
42
,
12 If
58% July
412 41
*312 41. .312 414 '334 414
5% July
458 Apr 12
214 Jan 9
100 Welotex Corp
*334 412 •334 412
No par
312 31
4% July
4 Apr 12
318 318 *314 334
33 Fels
318 314
114 Jan 9
318 3"
900
Certificates
314 314
No par
2018 2078 18
19
18
14
1% Jan
Jar, 12% July
1914 1912 1934 1934 20
1934 1934
58
Preferred
612 Jan 18 2238 Apr 13
100
2634 271
2653 2713 2712 2734 2734 28
41 July
28
28
28
28,4 3,80 Central Aguirre Asso_No par 24 Mar 22 3213 Feb 5
•10
1058 10
10
3 Apr
11% July
1012 1058 1034 1173 1113 1178 1138 1112 3.10 Century Ribbon MIlls.No pa,
734 Jan 16 1238 Feb 19
88
88
88
88
88
88
52 Feb 100
88
88
90
Deo
90 '88
93
7
100 82 Mar 31 95 Jan 2
Preferred
3718 3814 3512 3734 36
4434 Sept
3612 3612 3713 358 37
5% Jan
36
37
19,70 Cerro de P8ACO Copper_No par 3114 Mar 27 4014 Feb 15
658 678
658 634
1
Jan
612 678
7% July
734 Apr 5
634 678
634 634
7
718 3,20 Certain-Teed Products_No Par
3,4 Jan 2
33
33
•3018 3458 •31
"30
34
34
4 Mar
3014 July
3334 3334 '3112 33
20
7% preferred
100 1712 Jan 19 35 Apr 5
2113 2112 .2158 22
2153 2158 22
2238 22
25 June
Vs Mar
22,4 22
1714 Jan .5 2438 Jan 30
2214 3,100 City Ice & Fuel
No par
80
85
81
83
80
82
*82
83
45 Apr
72 July
8212 8312 84
390
85
100 67 Jan 3 85 Apr 20
Preferred
4814 4853 4512 46% 4534 46% 4812 473
Jan
47
4734 4712 4834 6,90 Chesapeake Corp
34 Jan 4 4334 Apr 20
No par
5213 July
833 838
838 9
8
812
77s 838
1232 July
1478
2% Mar
9% Feb 5
834 873
614 Jan 6
834 9
4,80 Chicago Pneumat Tool_No par
2078 2214 2114 2234 2134 23
2313 2458 2414 25
513 Feb 2514 June
25
2534 14,90
No par
Cony preferred
1613 Jan 12 2534 Apr 20
2812 28,2 28
2712 28
28
28
28
34 July
2838 28,2 2838 2834 1,10 Chickasha Cotton 011
5 Mar
10 1914 Jan 8 3034 Feb 5
1018 1018
10
978 10
1012 1014 101
2 Fe
1018 July
10
1014 1014 1014 2,50 Childs Co
8 Jan 6 1152 Feb 19
No par
•18
15
16
17
Apr
.15
163 .1514 1534
21% July
16,
4 *15
6
7 Chile Copper Co
1712 1712
25 13 Jan 13 1758 Apr 9
5334 54
5214 5418 5234 5334 53% 5438 53
5414 5312 5438 55,60 Chrysler Corp
5 4912 Mar 20 6038 Feb 23
7% Mar 5753 Dec
138 138
114
138
215 Feb 6
14 Fe
352 July
133 138
,4
18
3,80 City Stores
73 Jan 5
114
138
No par
114
P4
34
34
34
34
18 Mar
218 July
114 Feb 6
12 Apr 20
Voting trust certifs No par
34
kr
3
*52
58
58
12
58 3,400
478
.4
•312 5
113 Jan
478 473
812 July
558 Feb 6
434 434 •312 5
Class A
No par
•312 5
300
334 Jan 9
518
514 July
'4
4
412 •378 412 *378 41
518 Feb 21
3 Jan 12
No par
3721 4
ClassAvtc
4
4
800
*1638 17
1634 17
1414 June
•15
17 .16
17
•157s 17
834 Jan 5 21% Mar 5
17
19
1,000 Clark Equipment
No par
*40
42
3912 41
*3912 40
Apr
7
10
6'4
NovMJ
a
ar
is
41%
45
40
Jan
40 .4018 43
3
July
28
700
No
Cluett Peabody & Co.
*3912 43
par
.115 12412 *11512 1271 *115 12912 •1I5 127 *100 117 •100 129
90
Jan 100 June
Preferred
100 95 Jan 17 114% Apr 7
119 11912 11712 119
118 11814 11914 1201 11912 12012 121 122
Jan 105 July
4,000 Coca-Cola Co (The)---No Par 95,4 Jan 2 122 Apr 20
•531s 55
5318 54
74
*5318 5412 5334 533
4Apr
3's
51
Dec
5334 5334 •5312 54
Class A
500
No par
5018 Jan 11 54 Apr 16
1712 1758 1678 171
7 Mar 2238 July
167s 1738 1738 18
938 Jan 3 18% Mar 13
17,900 Colgate-Palmolive-Peet No par
1712 18
1758 18
9014 9012 90
90
(82
18
49
Apr 88 Aug
8
9214
Apr
92
9214 921 •92
Jan
93
6%
•92
preferred
93
700
100 6812
23
2334 2212 2333 24
2412 2412 25
26 Sept
No par
18 Jan 8 2812 Feb 19
2434 2538 25
2512 10,900 Collins & Alkman
633 658
614 833
27
3 8 Decr
834 Feb 6
6
618
618 614
1753 July
358 Jan 2
612 612 •614 612 1,200 :Colorado Fuel & Iron-No Par
6814 691
"8912 71
69
2318 Feb 7112 July
6912 6912 72,4 70
7238 7178 7334 16,100 Columbian Carbon v t o No par 58 Jan 8 7334 Apr 20
2912 2912 2838 291
2918 2918 30
653 Mar 28 Nov
3078 30
3078 3014 3012 3,800 Columb Pict Corp v t o_No par 23 Jan 6 31 Apr 6
1512 1534 1518 1534 15
9 Mar
1513 1514 1578 x1512 1578 15% 1638 42,600 Columbia Gas dr Elec No par
1118 Jan 4 1914 Feb 6
28,3 July
*7312 74,4 7414 76
50 Dec
83 June
100 52 Jan 5 7618 Feb 27
Preferred series A
7514 7514
1,400
7514 7514 7512 7512 57412 75
•62
67
66
67
67
67
40
4 May
6612 69
7412 June
x69
100 41 Jan 9 z70 Apr 19
70
5% preferred
70
310
70
3334 34
3218 3358 3212 3314 33% 3414 34
Feb
1852 Jan 4 34% Apr 20
1914 Dec
10
3434 3414 3473 14,200 Commercial Credit
28
28
.2712 2834 2712 2812 2813 2812 28
1812 Mar
25 Sept
28 .2712 28
7% 1st preferred
170
25 2317 Jan 5 29 Mar 3
.4913 4973 4912 4912 4912 4912 4933 4912 49
16
49
*4834 49
Feb 3912 Aug
Claas A
800
ao 38 Jan 3 50 Mar 9
*2813 2878 2878 2878 2878 2878 •2812 29
*2814 29
•2812 29
1812 Mar 2513 Sept
60
Preferred B
25 24 Jan 3 30 Mar 3
•10112 102
102 102 '102 105
10113 1013* 103 103
634% fIrst preferred____100 9112 Jan 3 103 Apr 19
10212 103
70 Mar 95% Sept
70
59
59
5714 59
57
5812 5334 5918 5834 591s 5914 5933 6,100 Comm Invest Trust. _No par
18 Mar 4312 July
3534 Jan 4 5934 Apr 11
10812 10812 10818 10814 10818 10814 •10734 10814 10734 10734 108 108
Cony preferred
Jan 9778 Jan
1,000
No par
91 Jan 3 10813 Apr 14
84
29
2938 2818 2912 2838 2878 2873 2938 2833 2914 2818 2914 37,500 Commercial Solvents_No par
9 Feb 5714 July
26 Mar 8 36% Jan 30
273 3
258 278
234 278
218 234
234 278
234 3
35,300 Commonwilth & Sou._No par
134 Jan 2
114 Dec
618 June
334 Feb 6
4814 4918 47,8 4912 4758 4818 4812 51
49% 51
50
52
14,800
No par 2113 Jan 2 52 Apr 20
17% Dec 6013 June
$6 preferred serles
2734 2734 2712 2734 2738 2734 28
2834 2812 2834 2813 2918 7,800 Congoleum-Nairn lno No par
23 Jan 9 3114 Feb 16
733 Jan 27% July
.1214 13
1214 1214 '1134 1212 1212 1212 •12
1273 1238 1238
300 Congress Cigar
18 June
613 Feb
No pal
9% Jan 12 1412Mar 5
1214 12,2 1178 1218 1158 12
1212 1134 1212 1178 121g
12
1934 June
2,700 Consolidated Cigar ____No par
514 Jan 2 13% Mar 17
•5212 5812 •5212 5812 •55
57 .54
58
56
•54
58
56
10
Prior preferred
65 June
100 4514 Jan 2 60 Apr 11
418 418
418 418
4
4,4
433 438
412 458
455 43g
1,700 Consol Film Indus
534 May
534 Feb 15
1
213 Jan 2
16
16
15'14 16
1634 1673 1658 17
5,000
1534 1514 1618 17
Preferred
Mar 1434 May
No par
1033 Jan 2 1712 Feb 15
3778 3814 3718 3814 3714 3814 3714 3853 38
38% 3812 3914 45,600 Consolidated Gas Co_ No par 35% Jan 4 4738 Fen 6
34
53117: D
AAjaeppn
crr 6412 June
8914 8934 8918 8978 8834 8913 8812 8912 89% 89% 8934 9038 4,400
Jan
Preferred
8113 Dec 99
No par 82 Jan 4 9214 Feb 6
3
3
3
3
•278 3
3
3
234 3
3
3
2,700 Canso' Laundries Corp_ No par
112 Dec
512 Jan
4% Feb 7
21g Jan 8
1214 1212 12
1218 12
1258 1318 64.900 Consol 011 Corp
1278 1212 13
1214 12
Mar
1534 July
Feb 13
par
5
14%
No
93
4
Jan
8
.10934 11014 10534 10334 •10312 11014 11034 III •109 111 *109 111
300
8% preferred
Oct
9512 Mar 108
100 108 Feb 9 111 Apr 9
133 1,2
114
138
114
114
138
133
4
114
138 7.900 Consolidated Textile_ __No par
153
3,4 July
218 Feb 7
8
4
72 Jan 4
1178 1218 1114 1218 1154 1338 1212 1312 1234 13
13
1353 31,400 Container Corp class A
Mar;Jan
1014
135
8
July
Apr
20
5
20
Jan
6%
434 5
434 5
4,
5
538
5
8 514
518
518
513 32,500
Class B
558 Apr 18
No par
238 Jan 2
3,142
412 June
'1038 12
11111
12
.11
•1153 12
12
115s 11f374
1178 12
8 2,800 Continental 13ak class A No par
Mar
1814 July
7 Jan 8 1458 Jan 24
1% 1%
138
134
134
134
134
138
134
138
3.000
Class B
Jan
7
I
Jan
1
238
No
July
Feb
par
312
•6112 6218 6012 6114 •60
6014 61
61
62
60
60
63
800
Preferred
38
Jan 64 July
100 4614 Jan 6 64 Feb 9
8112 8112 8012 8214 8034 8238 8238 8213 82
8234 8212 83
8.300 Continental Can Inc
3514 Feb 78% Dec
Apr 20
83
Jan
6
20
75
•978 10
10
10
934 1073 1078 1112 2,300 Conti! Diamond Fibre
•934 10
*934 10
312 Feb
1712 July
5
718 Jan 5 1134 Feb 6
3212 3212 3212 3273 3214 3234 3234 3318 3313 34
3312 3512 7,700 Continental Insurance____2.50 2332 Jan 6 3512 Apr 20
3811 JUIY
158 158
158
1%
158
158 4,700 Continental Motors. __No par
158
158
1%
134
158
138
1 Mar
4 June
233 Feb 21
1 18 Jan 2
21
2114 2013 21
2014 2138 2112 22
2112 22
22
2212 56,700 Continental 011 of Del
4% Mar
19% Sept
5 1613 Jan 13 2212 Apr 20
77
7734 7514 7712 76
77
7612 78
7.200 Corn Products Refining....25 6914 Mar 27 8413 Jan 26
7618 7712 7614 7678
4533 Feb
9053 Aug
•14218 144
14212 143
143 14334 143 14478 14358 143% 14413 14413
450
Preferred
14534 Jan
100 135 Jan 4 144% Apr 18
713 7,8
7
718
658 634
634 7
5,800 Cody Inc
634 7
634 7
233 Mar
MMrr
No par
334 Jan 2
9% Fen 5 1 11::
713 June
3214 3212 3234 3234 32)8 3234 3212 3312 33
7,200 Cream of Wheat Ws_ No par 28 Jan 3 35 Jan 31
3312 3313 34
23 Feb
3912 July
1478 15
14
1414 1334 14
1412 1412 1414 1412 14
1413 3,000 Crosley Radio Corp__ No par
Star
1434 June
8 Jan 2 1518 Apr 13
*3038 3112 30
3012 2978 30
30
31
3012 3134 3178 3318 6,900 Crown Cork & Seal
No par 2812 Mar 27 3614 Feb I
14
2 Feb 85 July
*40
4078 *40
4212 •4012 4212 4012 411s 41
600
41
414 414
$2.70 preferred
No par 3513 Jan 2 4114 Apr 20
2413 Feb 3812 July
5% 51,8
512
518
514
54)
578 618
578 613 15,600 Crown Zellerback v t o_No par
512 614
3% Jan 8
1
Apr
812 July
614 Feb 6
3212 •31
'31
32
•32
3212
3312
32
3273 '3214 3278
3214
800 Crucible Steel of Amerioa_100 2138 Jan 4 38% Feb 19
9 Mar
3712 July
6212 6212 •60
63
63
62
71
71
62
71
70
1,000
71
Preferred
100 48 Jan 12 71 Apr 19
16
Feb
60%
July
218
2
•2
2
2
2
2
2
2
218 213 1,600 Cuba Co (The)
2
No pat
1 Jan 2
4% June
313 Feb 9
713 758 3,200 Cuban-American
713 7,2
7
712
718 7%
714
712
733 734
1112 May
9% Feb 8
Jan 10
,
2
Sugar3
---10
4314 4134 4212 4134 4212 42
*43
42
4212 *4213 4373
43
360
Preferred
100 20% Jan 9 4734 Feb 8
10
1 :82 -IFle
Jan
nb 68 June
4434 4878 48
•48
47
4778 48
4712 4734 43
4712 4814 2,300 Cudahy Packing
50 37 Jan 2 5034 Feb 16
20% Feb
5912 June
2612 2718 26% 2714 2758 2838 28
2734 24
2818 2712 2813 8,600 Curtis Pub Co (The)___No Par
1312
Jan
Mar
8
3214 June
2912
Apr
12
80
80% 7912 78)8 7!)
7912 7912 8012 7914 SO
7938 7934 4,800
Preferred
4313 Jan 3 84,4 Apr 13
30
612 Feb 66 June
No Par
418 414
418 414
418 414
4
418
418 414
4
415 35.000, Curtiss-Wright
212 Jan 2
514 Jan 31
1
41% July
1012 1138 1078 1118 1012 1118 1014 1034 1038 1138 19.700( Class A
11
11,8
1
5,4 Jan 3 12,4 Apr 2
2
1'2 Mar
Feb1
8 July
1712 177s •1714 1734 •17
18
18
19
*1834 1912
18,4 19
800 Cutler-Hammer 1nc___No par
11 Jan 4 2112 Feb 21
4% Jan
21 July
1
• Bid at (I asked prices. 00 sales on this day. I Companies reported in receivership. a Optional sale. c Cash sale. r Es-dividend. y Ex-rights.

Per share
3338 3358
4278 4314
7558 77
35
.34
1333 1333
.22
25
1'6314 6312
2278 2318
2514 2514
.134 2
1658 1658
3334 3334
.68
89
*55
5934
9
9
.714 734
1112 1112
.6458 66
57s 578

5 per share
3212 3333
4134 4314
75
77
34
35
1338 1338
*22
25
62
6314
2234 2338
2412 25,2
*134 2
16
16%
3318 3312
*6612 69
•5638 59,
4
*834 9
.
712 7
,
4
1114 1138
*6458 66
538 578




4,

1;

2710

New York Stock Record-Continued-Page 4

April 21 1934

kitir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Apr. 14.

Monday
Apr. 16.

Tuesday
Apr. 17.

Wednesday
Apr. 18.

Thursday
Apr. 19.

Friday
Apr. 20.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jars .1.
On Darla of 100-share lots.
Lowest.

Highest.

$ Per share $ per share $ per Share 3 Per share S per share 3 per share Shares. Indus.& MIsceli. (Con.) Par S per share
$ Per share
*6
712 .
532 712 •532 712 .612 718 .612 712
100 Davega Stores Corp
7
814 Feb 5
7
5
8 Jan 10
2938 2912 2814 2912 2832 29
29
2932 29
2972 2914 2912 9,000 Deere & CO
No par 2612 Jan 5 3412 Feb 1
.1452 15
•1458 15
1452 1452 1434 1514 .1434 15
• 1,200
1434 15
Preferred
20 1114 Jan 2 1512 Jan 30
8012 8012 8012 8012 8012 8012 8012 81
8012 8114 8114 8214 1,700 Detroit Edison
100 6311 Jan 5 84 Feb 23
*5112 5212 50
5112 49
49
52
5252 51
52
2,300 Devoe & Reynolds ANo par 29 Jan 6 53 Apr 11
52
52
2432 2432 2412 2412 2414 2412 2412 2414 *2412 2432 2418 2432 2,000 Diamond Match
No par 23 Apr 3 281
:Jan 16
*3012 3052 30
30
31314 3032 30
3032
3032 •29
3038 .29
700
Participating preferred_ __25 2814 Mar 27 311: Jan 24
3812 3812 38
3834 38
3814 38
3014 3612 3712 3618 3734 32,800 Dome Mines Ltd
No par 32 Jan 25 4072 Apr 2
2172 2172 22
22
2112 2158 22
22
22
22
1,700 Dominion Stores Ltd_No par
*2112 22
19 Feb 10 23 Mar 10
24
2432 2252 2414 2272 2334 24
1414 Jan 2 2812 Jan 31
2458 23 '
2434 2334 2512 28,000 Douglas Aircraft Co Ino No par
•1534 1712 *1512 1712 *1512 16
16
16
16
16
400 Dresser(SR) Mfg cony A No par
1614 1614
914 Jan 10 19 Feb 17
.
952 1012 *932 1012 *938 11
*958 1034 .958 11
•952 11
712 Jan 16 1152 Mar 14
Convertible class B No par
.1034 11
1012 1034 1012 1052 1034 11
5,200 Dunhill International
1032 1072 1012 11
612 Jan 13 1134 Mar 26
1
10338 10332 10314 10314 10152 10212 101 1011 2 101 101
170 Duquesne Light 1s1 pref__100 90 Jan 16 10338 Apr 14
101 10172
1032 1032 1012 1014
1012 1014 1014 1012 10
1052 1052 1058 2,900 Eastern Rolling Mills_No par
512 Jan 3 1234 Feb 19
92
92
9114 9214 9152 9312 92
9112 93
9312 9312 9614 8,700 Eastman Kodak (N J)_No par 79 Jan 4 9614 Apr 20
.135 136
136 136
135 136
135 135
135 135 *132 136
70
6% cum preferred
100 120 Jan 16 136 Apr 6
2038 2012 2014 2072 2032 2132 2132 2212 2152 2212 2112 2212 35,900 Eaton Mfg Co
1314 Jan 3 2212 Apr 19
No par
97
9734 9552 9714 9538 9658 9614 9734 96
9732 9612 99
21,900 El du Pont de Nemours_.__20 9052 Jan 4 10372 Feb 16
12034 12034 1203s 12052 12012 12012 12072 12072 12072 12072 12034 12072 1,400
100 115 Jan 2 121 Apr 4
6% non-voting deb
*1472 1512 1472 15
*1412 1572 *1412 1534 1412 1412 *1434 1572
400 Eitingon Schild new __No par
1158 Jan 30 1914 Mar 6
2732 2734 2612 2712 2652 2714 2714 2734 2714 2734 27
1812 Jan 9 3138 Feb 21
2734 13,800 Elec Auto-Lite (The)
5
*100 101
101 101
100 101 *100 101
120
101 101 *100 101
Preferred
100 80 Jan 5 101 Apr 6
•512 552
.512 558
514 538
3
538 578
712 Jan 29
538 558
558 534 3,400 Electric Boat
338 Jan 8
634 672
718
634 672
634 732
738 Apr 17
7
414 Jan 3
7
712
634 672 25,000 Elec & Mus Ind Am shares__
71, 728
7
714
712
712 752
732
7
714
952 Feb 7
714
412 Jan 3
734 9,900 Electric Power & Light No par
1734 1772 1672 1812 1712 1812 1834 21
1978 2052 20
814 Jan 3 21 Apr 18
Preferred
No par
16,500
21
1614 1634 1552 1612 16
1634 1652 1834 17
8 Jan 2 1934 Feb 7
$6 preferred
1832 1734 1814 11,400
No par
.4412 4534 4412 4412 4412 4412 4514 4514 4412 4532 4512 4512 1,000 Elec Storage Battery _ No pa?
44 Jan 3 52 Jan 24
*1
118 *1
172 Feb 21
Da
112
1
112
1
1
118
112
Is Jan 2
118 1,000 :Elk Horn Coal Corp No pa;
.2
21g
2
2
172 172 .172 212
334 Feb 23
218 214 2,300
114 Jan 10
212 212
50
6% part preferred
.56
58
5514 5514 *55
58
56
56
5512 5512 55
55
600 Endicott-Johnson Corp..50 5158 Jan 4 63 Feb 16
*125 _ _ 12534 _ __ 12534 12534 *12534 12534 *125 12512 12512 12512
40
Preferred
100 120 Jan 3 126 Mar 20
814
.
534 -5.72
.534 -534 *512 534 *512 812
834 Feb 7
1,500 Engineers Public Serv__No par
6
412 Jan 10
6
614
.17
1912 .17
20
1614 1614 .1652 20
19
18
19
18
300
1158 Jan 3 2312 Feb 6
$5 cony preferred____No par
17
19
*17
18
19
19
19
19
*1712 1972 1912 191s
500
11 Jan 8 2412 Feb 5
$53.8 preferred
No par
*18
20 .1712 18
1872 1872 19
19
20
20
20
$6 preferred
21
600
1412 Jan 2 2512 Feb 5
No pa?
81 1 814
814 814
734 8
734 8
6,700 Equitable Office Bldg_No par
731 Apr 19 1032 Jan 22
772 814
8
832
1214 1238 12
1212 1158 12
12 , 1212 1232 1318 13
1314 6,200 Eureka Vacuum Clean
712 Jan 8 1438 Feb 19
5
2134 2134 2014 2134 21
2114 2114 2214 2112 2218 2158 22
7,600 Evans Products Co
9 Jan 3 2332 Feb 21
5
9
914
812 9
812 872
812 872
4 Jan 9 1012 Apr 2
834 834
812 918 1,480 Exchange Buffet Corp_No par
•112 232 •112 214
214 238 *238 212 .2
212
2
232 Apr 17
2
400 Falrbanka Co
152 Mar 9
25
1114 1212 1114 12
1112 12
1212 Apr 14
1034 1178 1038 1112 1038 1114
Preferred
870
414 Feb 14
100
•1318 14
1414 1414 1438 1438 1412 15
1514
15
*15
7 Jan 6 18 Feb 19
15
1,300 Fairbanks Morse & Co_No par
5112 52
5112 5113 5112 5112 5115 5112 *5118 52
5118 52
Preferred
280
100 30 Jan 10 5514 Mar 6
852 9
01a 912
872 912
834 9
1114 Apr 3
834 9
878
71, Mar 9
914 3,500 Federal Light dr Trao
15
63 •____ 63 *____ 60 '1._ _ _ _ 60
58
Preferred
58 .
20
3412 Jan 12 62 Mar 13
60
No par
*90 100
85
90
•80
90
8512 8512 •80
90
90 •80
300 Federal Min & Smelt Co_ RIO 85 Apr 16 107 Feb 14
772 772
714 734
714 712
778 778
834 Jan 30
778 8
8
3,200 Federal Motor Truck No par
8
6 Mar 1
*414 434
4
412 *413 414 *432 458
432 432 .412 434
600 Federal Screw Works_No pat
538 Feb 23
2 Jan 13
.272 3
234 234
252 252
258 272
4 Feb 6
252 234 *234 272 1,000 Federal Water Serv A No par
134 Jan 5
.27
30
29
29
*27
29
2812 29
2814 2834 2814 2834 1,100 Federated Dept Stores.No par
2234 Jan 8 31 Mar 6
34
34
33
3314 3212 3234 3214 3312 3312 3334 3312 35
'
,
hen Fire Ins N Y..2.50 2334 Jan 5 35 Apr 20
6,100 Fidel
09
.812 10
934
*812 10
914 914 *812 9
*812 10
7 Feb 15 11 Jan 3
500 Fifth Ave 13us Sec Corp.No par
*____ 30
30
*26
*2614 30
2812 Apr 10
*2614 30
*2614 30
*2814 30
Filene's(Wm)Sons Co_No par 25 Feb 1
102 103
103 103 .103 104
6t4% preferred
104 104 *104 105 *104 105
30
100 87 Jan 10 104 Apr 18
132214 2212 21
2252 2172 2214 2214 2258 22
2234 2134 2272 8,000 Firestone Tire & Rubber___10
18 Jan 6 2514 Feb 19
.8312 85
8212 83
83
83
8312 8312 8514 8514 .8312 85
600
Preferred series A
100 71 Jan 9 851 1 Apr 19
65
65
64
6314 65
65
6512 66
66
6672 67
67
2,600 First National Stores_No par
5414 Jan 5 67 Apr 20
12
1214 12
1238 12
1212 1214 1234 1214 1212 1234 1314 3,300 Follansbee Bros
1732 Feb 21
938 Jan 12
No par
17
17
*161 1 1612 16
16
*1612 17 .16
17
•16
17
200 Food Machinery Corp. No par
1012 Jan 9 1714 Apr 13
.1858 1912 1811 1814 1812 1852 1813 1914 1814 1932 1834 1912 3,900 Foster-Wheeler
No par
13 Jan 9 22 Feb 16
.1434 16
1412 1434 .14
15 .1434 16
1414 1412 1432 1512 1,800 Foundation Co
1212 Mar 27 1714 Jan 30
No par
2432 25
2472 25
•2432 25
2514 2512 25
2512 .2438 2512 2.100 Fourth Nat Invest w w
I
1932 Jan 5 2712 Feb 5
1512 1534 1534 1612 16
1672 1614 1672 1612 1634 1612 1634 21,600 Fox Film class A new_No pa?
1214 Jan 5 1732 Feb 3
.48
50
48
.50
48
48
50
50
50 .51
50
57
280 Fkln Simon & Co Inc 7% pf100 3612 Jan 12 63 Feb 7
4512 4514 44
46
4434 44
4552 4552 4512 46
4538 4578 5,600 Freeport Texas Co
10 4034 Mar 27 5032 Feb 19
.28
29 .2712 28
27
27
2714 28
30
30
*2714 29
70 Fuller (0 A) prior pref.No par
1612 Jan 19 31 Feb 23
1614 1612 1614 1614 .1512 16
1612 1672 1612 1612
1614 1614
150
$6 2d pref
No par
9 Jan 4 17 Feb 21
312 3,2 .
332 352
600 Gabriel Co (The) Cl A No par
332 358 .
332 332
Vs 338 •314 3,2
212 Jan 12
458 Mar 12
01634 17
"1634 17
.1634 17 .16
1612 17
17
16
17
230 Gamewell Co (The)
1112 Jan 18 20 Feb 19
No par
10
1012 101a
934 1012 1012 1014 1012 1014 4,600 Gen Amer investors
10
10
1014
Aro par
732 Jan 4 1112 Feb 6
*83
85
83
85
83
85
*84
8512 86
86
86
86
600
Preferred
No par 79 Jan 29 87 Mar 13
4072 4078 40
41
3972 4034 4112 4152 4034 4114 41
4134 3,100 Gen Amer Trans Corp
5 3312 Jan 4 4352 Feb 19
1934 1934 1812 1952 1858 1914
1912 2014 1912 2014 2038 2112 10,600 General Asphalt
10 1512 Jan 4 2134 Feb 6
1114 1152 1112 1112 1114 1132 1114 1132 1132 1112 1112 1214 4,600 General Baking
6 11 Jan 3 1432 Feb 5
.10332 10434 .10338 10434 *10338 10434 10312 10312 105 105
10338 104
110
58 preferred
No par 10012 Mar 23 10812 Feb 7
*8
818
778 8
734 8
8
838
814 812
838 834 5,300 General Bronze
5
534 Jan 9 1012 Mar 9
53s 578
552 534
.
512 578
558 6
514 534
514 512 1,800 General Cable
No par
612 Feb 1
332 Jan 4
11
*1034 1132 1034 1034 .1052 11
11
11
11
*10
111,
400
Class A
No par
6 Jan 4 12 Feb 1
3212 *3012 31
*2912 31
32
32
3112 3112 .29
31
33
800
7% cum preferred
100 1412 Jan 9 33 Apr 20
3412 35
34
3412 3412 3452 35
36
36
36
36
36
3,200 General Cigar Inc
No par 27 Jan 2 3638 Apr 12
.10712 109 .10712 109 .10712 110
10812 10812 108 108
108 108
200
7% preferred
100 97 Jan 8 10812 Apr 18
2232 2234 2172 2272 22
2234 2212 2312 2212 2312 23
2312 87,800 General Electric
No par
1812 Jan 4 2514 Feb 5
1214 1232 1232 1212 1212 1212 1232 1212 1212 1212 1212 1252 3,900
Special
10
1132 Jan 2 1234 Feb 26
3412 3472 3412 3434 3412 3412 3414 3472 3372 3412 3414 35
13,900 General Foods
No par 3252 Jan 2 3872 Jan 30
Ps
112 5,400 Gen'l Gas & Elec A
112
118
1
112
112
112
118
112
114
118
134 Feb 6
No par
34 Jan 2
16
*10
16
14
.10
15
*10
100
*14
15
*10
14
Cony pref series A_No par
15
614 Jan 2 19 Mar 13
._ 23 ...•._ 23 •__
23 ._ __ _ 23 •__ 23 .____ 23
$7 prof class A
12 Jan 29 21 Mar 13
No par
.
25 .____ 25 ._ 25
____ 20 •____ 20
_ __
14 Jan 19 22 Mar 12
$8 pref class A
No par
Gen Ital Edison Elea Corp__
•46
_ _ .4614 __ .4732
____
60
•53
_ _ .49
59
52 Jan 13 6114 Feb 16
58
5812 5918 -5914
5838 -587
; 5838 -587-8 2,000 General Mills
*5912 5912 .59 -5914
No par 5373Mar 20 6412 Jan 15
Preferred
600
108 108
108 108 *107 108
108 108
108 108
108 108
100 103 Feb 27 108 Apr 14
3832 3712 3832 3752 3814 3812 39
38
3832 3912 3852 3932 101,000 General Nlotors Corp
10 3312 Jan 4 42 Feb 5
100 10012 4,000
9952 100
$5 preferred
100 100
9972 100
100 10012 100 100
No par 8934 Jan 6 10012 Apr 18
900 Gen Outdoor Adv A
2012 21
834 Jan 5 21 Apr 14
No par
1912 1934 *1914 20
2014 21
2032 203s
20
20
Common
652 Apr 20
534 534 *512 534
6
358 Jan 2
572 6
6
No par
572 612
658 6lg 2,200
880 General Printing Ink_No par
1012 Jan 3 2334 Apr 20
.17
1734 *17
1712 1712 1852 2072 21
23,2 22,4 2334
22
7312 Mar 10 85 Apr 17
$6 preferred
No par
88
.81
30
85
.80
85
86
9012
*85
86
85 .85
81
21: Jan 8
No par
1,500 Gen Public Service
4
552 Feb 7
4
4
4
4
*372 4
334 4
4
372 4
4214 4234 4112 4234 4112 4212 1,900 Gen Railway Signal_No par 33 Jan 5 4534 Mar 3
41
4134 42
4112 *4112 44
1
152 Jan 3
352 Jan 30
214 214
232 212
238 212
214 13,900 Gen Realty h Utilities
212 232
214
214
212
52112 23
$6 preferred
No par
200
16 Jan 8 263s Jan 30
22
*2112 23
2012 2012 .2012 23 .2012 2212 22
Nn par
1012 Jan 3 2332 Feb 23
1912 2014 2,200 General Refractorles
1912 1912 19
1972 19
1912 2012 201g 2014
19
Voting trwt certifs ,Vo par
121 1 Jan 22 1912 Feb 21
1672 1712 17
1734 1718 1712 1732 18,2 18
1834 1734 1814 19,700
310 Gen Steel Castings pref No par
3012 Jan 13 4812 Mar 15
4312 .42
.42
4512
44
45
43,2 43
.42
45
4412 .42
1214 41.900 Gillette Safety Razor_No par
812 Jan 6 1212 Feb 6
1034 1034 1052 1072 1052 1112 11
1212 1152 1214
12
No par 47 Jan 11 6134 Apr 19
Cony preferred
4,200
57
56
57
56
56
60
5612 57
6014 6134 6078 61
412 Jan 4
No par
632 Feb 5
1,900 Gimble Brothers
5
512 514
5
5
512 512
512
512 514
512 5,4
Preferred
100 1614 Jan 8 30 Feb 5
.25
27
1,000
27
2532 2538 .2412 27 .25
2532 2532 2578 27
No par
27
155s Jan 4 28 Apr 20
2738 261s 2714 2812 Ms 2634 27
13,600 Glidden Co (The)
2834 27
2712 28
100 83 Jan 19 102 Apr 12
Prior preferred
101 10112 10072 101
100 102
10012 10114 100 101
530
10012 10072
5
512 Jan 2
912 Feb 27
812 834
912 14,600 Gobel (Adolf)
812 858
812 852
9
878 914
834 938
214 2138 2034 2132 2078 2138 2138 2172 2112 22
1634 Jan 11 2234 Apr 21
2134 2234 25,800 Gold Dust Corp v t e___No par
9612 Jan
109 Mar 23
•107 112 .107 112 *10712 112 *10712 112 .10712 112 .10712 112
36 cony preferred. __No pa
No par
1252 Jan
18 Feb 19
1632 1632 1534 1612 161,2 1612 1614 1634 1612 17
17
1738 28,300 Goodrich CO(B F)
100 40 Jan
6178 Apr 20
5914 5972 58
Preferred
5934 58
6072 6172 4,800
5814 581 1 5914 5834 60
4138 Feb 19
3614 3712 3414 3634 3434 3572 3512 387/1 3534 3672 3614 3734 23,300 Goodyear Tire dr Rubb.No par 3358 Jan
75 Jan
No par
84
1st preferred
84
900
8312 8312 83
83
8614 Feb 19
81
81
8314 8312
83
83
7 Jan
No par
952 10
1012
952 10
1134 Feb 5
10
10
1012
1014 1012 3,400 Gotham Silk flose
972 10
Preferred
*63
69
63
*65
100 4912 Jan 2
63 Apr 4
74
10
68
63
*69
71
*68
74 .68
I
41:Feb 1
234 Jan
331 412
372 4
334 4
334 37s
334 378
334 378 8,500 Graham-Paige Motors
8 Jan
1112 1172 4,100 Granby Cons M Sm & Pr_.100
1332 Feb 16
1212 1212 1112 1112 1114 1172 1152 1152 111.4 12
71
: 71,
,
672 7
7
1
732
4 Jan
732 752
834 Jan 31
732 712 2,400 Grand Union Co tr Ws
714 732
Cony pref series
3914
No par 23 Jan
1,500
39
3712 3772 37
3914 Apr20
3713 3772 39
39
39
39
39
30
301g Apr 11
.2912 30 .2912 30
23 Jan!
No par
2,200 Granite City Steel
30
30
30
30
3018 *301s 31
No par 34 Jan 2
38
3852 39
4052 Feb 19
40
3914 3912 3812 3912 2,200 Grant (W T)
3812 39 .3712 38
11 Jan
1314 1414 1312 1334
1334 1372 4,900 Gt Nor Iron Ore Prop_No par
1358 1372 14
14
14
1518 Feb 19
14
2814 2912 2812 2912 2934 30
257g Mar 21
30's8,700 Great Western Sugar_No par
30
3472 Jan 20
30
297s 3032 30
109 110
109 110
110 110
480
Preferred
100 102 Jan 2 11012 Apr 19
10972 110
11014 11012 11012 11012
21s 218
21g
214
Ds 212
212 212
212 *212 214
214 1,700 Guantanamo Sugar_ __No par
313 Feb 8
,
4 Jan 2
*32
39 .32
•32
Gulf States Steel
3834 *30
39
40 .32
39
39 •32
No par 24 Jan 2 42 Mar 13
80
77
80 .74
Preferred
83
.74
80
80 .77
40
80 .78
too 47 Jan 8 83 Apr 20
*74
• Bid and asked prices, no sales on this day.




1 Companies reported In recelvership.

a Optional sale. c Cash sale. z Es-dividend.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ Per share
152 Feb
2432 July
614 Feb
48
Apr
10 Mar
1712 Feb
2812 Feb
12
Feb
1012 Feb
1014 Feb
634 Feb
212 Mar
72 Apr
85 Nov
112 Mar
46
Apr
110 May
312 Mar
3212 Mar
9712 Apr

3 per share
ma, July
49 July
1832 June
9112 July
3372 Aug
2912 July
31 July
3912 Sept
2638 July
1814 July
18 June
1034 June
1434 July
10212 June
10 July
8934 July
130 Mar
16 July
963a Dec
117 July

1-0
Apr
75
Oct
1
Jan
1
Feb
3,2 Feb
7,2 Apr
612 Apr
21
Feb
la Jan
52 Apr
26
Feb
107
Feb
334 Dec
11 Deo
11 Dee
12 Dec
612 Mar
3 Apr
72 Mar
312 Nov
72 May
1
Feb
212 Mar
10
Feb
454 Apr
33 Dec
15 Mar
34 Mar
34 Feb
132 Dec
712 Feb
1014 Mar
5 Mar
9 Apr
81
Apr
91s Apr
42 Mar
43 Mar
212 Feb
612 Apr
412 Feb
2
Feb
1352 Mar
12
Oct
12
Jan
1612 Feb
9
Jan
4
Jan
1
Feb
61
: Jan
252 Feb
42 Feb
1334 Feb
458 Mar
1012 Dec
9934 Mar
218 Feb
114 Mar
214 Feb
612 Mar
2414 Dee
90 July
1012 Feb
107a Apr
21
Feb
12 Dec
312 Apr
634 Dec
5 Apr
2414 Jan
3512 Mar
9212 Mar
10
Feb
6512 Mar
512 Jan
212 Mar
314 Jan
31 Mar
2
Apr
1314 Jan
33 Feb
512 Jan
212 Feb
714 Sept
938 Feb
752 Dec
4512 Dec
84 Feb
514 Mar
334 Mar
48
Apr
3
Feb
12
Feb
961: Dec
3 Mar
9
Feb
914 Feb
2734 Mar
612 Oct
41
Apr
1
Apr
372 Mar
352 Mar
20 Sept
Ills Mar
1534 Feb
512 Feb
672 Jan
7212 Jan
14 Jan
634 Feb
18,4 Jan

/712 July
8812 July
814 July
412 Dec
1532 June
3612 June
3234 June
54 July
4 June
6 June
6272 July
123
Oct
1434 June
47 June
4972 June
55 June
1332 July
1814 July
10 Nov
1112 July
258 June

y Is rights.

814 June
1114 June
4212 Nov
1412 June
5912 July
103 Sept
1134 July
472 July
634 June
30 July
36 July
938 Nov
30 July
95 Sept
3112 July
75 Juno
7034 July
19 June
Ill July
23 July
2332 July
2614 June
19 Sept
50 Aug
4932 Nov
31 June
23 June
514 Aug
2072 Aug
12 June
85 July
4314 July
27 July
2078 July
1081 1 Sept
1012 July
1112 June
23 June
46 June
4858 June
112
Jan
3014 July
1214 July
3972 Sept
272 June
1612 June
1812 June
20 June
5534 Nov
71 June
10612 Sept
3534 Sept
05 July
24 June
1012 Juno
17 June
82 Aug
814 June
4912 July
452 June
2234 June
1934 July
IS June
3812 June
2014 Jan
76
Jan
758 lune
33 July
20 July
9112 Aug
16 July
2752 July
105 July
2112 July
63 July
4712 July
8014 July
1712 June
73 July
558 July
1538 June
1058 June
3632 July
3052 July
3612 Dee
1634 July
41/2 Sept
110 Sept
412 May
38 July
64 June

ur FOR SALES

New York Stock Record-Continued-Page 5

HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Apr. 14.

Monday
Apr. 16.

2711

DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING,

Tuesday
Apr, 17.

1Vednesday
Apr. 18.

Thursday
Apr. 19.

Friday
Apr. 20.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest,

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ per share $ per share $ Per Share $S Per share $ Per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share
$ per share $ Per share $ per share
.2458 2517 25
25
*2518 2512 2512 26
*2518 26
500 Hackensack Water
*2518 26
25 2012 Jan 9 26 Apr IS
15 Mar 2512 July
*2818 2812 •2818 2812 2818 2812 2814 2814 *2818 2812 2812 29
7% preferred class A....25 27 Jan 4 29 Apr 20
60
25
Apr 2878 Jan
714 738
678 738
67,1
7
814 Feb 15
718
738
14 Feb
6 Jan 5
718 714
912 July
74 714 9,100 Hahn Dept Stores___No par
47
4812 49
4812 4712 4812 4814 4814 50
Preferred
5134 1,600
100 2514 Jan 9 5134 Apr 20
50
51
9
Apr 3812 July
10,500 Hall Printing
714 712
8
717 712
9
758 8
714 758
10
312 Jan 8
738 8
318 Feb
934 Feb 14
1012 July
712 738
1178 2,800 Hamilton Watch Co___No par
712 8
338 Jan 26
712 754
1178 Apr 20
818 914
212 Apr
94 11,2 11
9 July
45
4518 *501
___ 50
Preferred
51
*5114 671s
70
5012 51
51
51
100 25 Jan 15 51 Apr 18
15
Feb 35 July
9314 9314 9314
2-95
94
9434 9434 *93
165 Hanna (M A) Co $7 pf_No par 84 Jan 8 96 Apr 4
*93
93
93
95
4512 Jan 85 Aug
23
23
2214 234 22
23
2334 5,300 Harbi9on-Walk Refrac_No par
23
2238 23
618 Feb 2512 July
2212 22
144 Jan 2 24% Feb 21
*614 612
614 614 *534 6
600 Hat Corp of America cl A_ _I
6
6
78 Mar
612 Apr 13
278 Jan 2
618 614 *534 618
712 June
5212 5212 5217 5212 5412 5412 54
55
55
130
54
54
55
100 1934 Jan 4 55 Apr 14
647 preferred
518 Apr 30 June
518 514
538 538
5
2
514
538
514
518 558
114 Jan 2
534 6,700 Hayes Body Corp
518
6% Feb 15
34 Feb
319 July
•93
9414 9318 94
9318 9414 94
1,900 Hazel-Atlas Glass Co
*95
96
9438 9412 96
25 8634 Mar 28 963 Jan 27
65 July 9712 Dec
*106 125 *106 125
106 106 *107 115 *10714 115 *10718 115
100 Helme (0 W)
694 Jan 105 Dec
25 101 Jan 9 107 Feb 4
*1014 12
*1014 12
.11
12
12
*104 12
*11
Hercules Motors
3 Mar
No par
9 Jan 4 124 Mar 15
*1014 12
17 July
*6812 6912 6712 6712 6878 6878 6878 69
1,100 Hercules Powder _ ...... No par 59 Jan 4 71 12 Feb 19
70
70
6912 704
15
Feb 6838 Dec
119 119
119 11912 120 120
$7 cum preferred
200
85
100 111 Jan 4 120 Apr 17
119 119 *11818 /19
Apr 11018 Dec
119 119
•55
59
5778 5818 57
59
900 Hershey Chocolate____No par 4817 Jan 15 59 Apr 18
57
58
59
3518 Mar 72 July
5834 5834 59
*90
91
91
91
No par 83 Feb 16 9217 Apr 20
*9078 92
300
Cony preferred
9112 9112 .9214 9234 9212 9212
6434 Apr
90 July
814 83
812 9
812 878
19,900
Furnace
934
Holland
512
Apr
Jan
No
20
3
par
834 9
834 0
312 Jan
9
934
1017 June
10
10
978 97s *912 10
1,000 Hollander dr Sons (A)
978 10
10
214 Mar
10
10
10
5
534 Jan 2 1078 Feb 6
1012 June
*358 398 *358 370 *365 385 *365 390 x356 360
300 Homestake Mining
365 365
100 310 Jan 4 388 Mar 29 145
Jan 373
Oct
*1912 2012 2034 21
800 Boudallle-Hershey cl A No par
2034 2034 *2014 21
*2014 2034 2012 21
11 Jan 8 234 Jan 30
15 June
44 Apr
512 5
*53s 514
Class B
518 518
514 57g
No par
534 578 3,400
1 Mar
678 Jan 26
334 Jan 2
534 578
634 June
52
52
5134 5134 513 513 •5114 5112 5112 5112 5114 51,4
500 Household Finance part p1.50 43 Feb 5 54 Mar 12
43 Nov
5114 Jan
2612 26% 2512 26
2634 2634
26
2612 2612 2612 2634 26
1.500 Houston 011 of Tea tern ct63100 21 Jan 2 2934 Feb 5
814 Mar 38 July
478 478
47
47
434 5
Voting trust ells new._..25
1,900
514
5
54
5
I% Feb
312 Jan 8
48 54
58 Apr 6
73* July
5214 5378 5038 53
4
5318 50
5114 521 19,400 Howe Sound v t c
53
5012 5233 52
5 3512 Jan 3 5512 Apr 9
512 Jan
3838 Dec
2014 2038 1938 2038 1958 2014 2018 2118 20
138 Jan 5 2414 Feb 5
3 Feb
2013 198 2034 15,200 Hudson Motor Car____No par
163* July
538 512
434 514
78 July
10
4 Jan 4
54
434 5
54
158 Mar
5
714 Jan 30
5
51s 15,300 Hupp Motor Car Corp
5
8718 8914 8518 87
8714 8612 8612 9,000 Industrial Rayon
No par 7434 Jan 8 9638 Jan 24
86
8514 8034 8612 87
24
Apr 85 Dec
•64
67
6514 6534 *6412 6512 65
6534 6612 1,300 Ingersoll Rand
65
No par 5912 Jan 4 733 Feb 3
6518 65
1928 Feb 78 July
*4614 4612 4512 48
1,100 Inland Steel
45
No par 4012 Jan 3 4934 Feb 21
45
12
*45
45
45
45
Feb 4578 July
4522 45
.510 .534
512 512
1,500 'aspiration Cons Copper...20
538 534
512 51
412 Jan 4
678 Feb 5
512 514 *512 534
2
Feb
912 June
•4
414 *4
37 June
500 Insuransbares Ctfs Inc
4
4
418
4
4
4
418 418
4
I
418 April
218 Jan 2
114 Mar
435 418
4,900 Intercontl Itubber____No par
418 434
412 5
24 Jan 15
5 Apr 20
418 4% *412 48
414 43
38 Mar
412 July
1,200 Interlake Iron
9
No par
9
8 Jan 3 11 14 Feb 19
834 83
94
914
9
94
9
218 Mar
9
.9
9
12 July
412 412
417 514 5,100 Internal Agricul
4
2 Jan 8
438 427
412
No par
414 414
618 Feb 5
414 438
78 Feb
53a July
*31
3112 2912 31
Prior preferred
33
3414
32
1.700
3114 31
100 15 Jan 8 374 Feb 3
2912 2912 31
5
Jan
2712 July
*11312 144
144 14434 14412 14434 145 145
14312 14378 1,200 Int Business Machines_No par 132 Mar 27 149 14 Jan 30
145 145
7534 Feb 15314 July
*978 10
1018 2,500 Internat Carriers Ltd
10
1018
10
1
934 978
1218 Feb 21
10
558 Jan 11
934 978 10
278 Jan
1078 July
1,400 International Oement__No par 2812:gar 21
*30
3038 30
2912 3014
29
3014 .29
291
30
618 Mar 40 July
2934 30
3734 Feb 5
4112 42
4112 4212! 12,900 Internal Harvester____No par 3758 Jan 4 4678 Feb 5
42
4058 41% 4034 4112 4112 4228 41
Feb46
July
1335
•12212 12418 *12217 124
Preferred
200
100 11512 Jan 13 124 Apr IS
12314 12314 124 124 *12312 127 *12312 127 I
80
Jan 11918 Aug
25
734 734
434 Jan 8
712 738
734 812 11,200 Int Hydro El Sys CIA
712 734
712 77
712 734
918 Feb 7
212 Apr
13711 July
*434 5
458 438
300 Int Mercantile Marine_No par
*458 478 .412 48
438 438 •412 5
318 Jan 2
14 Jan
6 Jan 24
67 June
2734 28
2712 28
2712 2814 2778 2814 2738 2818 2712 2818 61,200 Int Nickel of Canada__No par 21 Jan 4 2812 Apr 2
6% Feb234 Nov
•123 124 *121 124
Preferred
100
100 11534 Jan 13 124 Apr 17
124 124 *122 125 *122 125 •122 125
72
Jan 115 Dec
1778 18
890
Internal
2278
1812 1812 183* 188 1914 21
2112
Paper 7% pref _100 1012 Jan 5 2278 Apr 20
2014 2112
212 Jan
2134 July
5
612 8,800 Inter Pap dr Pow CI A__No par
5
6
412 518 *458 478
512 618
4 Jan 4
5
512
12 Apr
612 Apr 20
10 July
278 278
Class B
3.100
31
No par
212 212 *233 234
3
134 Jan 4
234 338
234 34
534 July
14 Apr
33* Feb 6
2
218
2
Class C
218
No par
138 Jan 4
2
214
214 212
2
2
233 2'2 9,500
.
1 Jan
23* Feb 19
4 July
173* 1818 17
Preferred
2212 41,500
224 July
21
100 1014 Jan 8 2212 Apr 20
2
Apr
1812 17
183* 1812 2012 1934 21
1812 1812 1834 1914
Int
Printing
6,000
par
Ink
Corp_No
23
Jan
13 23 Apr 20
9
193* 2012 2034 2212 2134 2212 228
312 Feb14
Oct
*78
90
10
Preferred
*7812 90
85
100 66 Jan 2 83 Apr 20
85
88
*80
90
Apr 71
*8212 88
35
*85
Aug
29
29
1,000 International Salt
2812 29
No par 21 Jan 3 3012 April
29
13% Mar 2734 July
29
30
3014 3012 301 *2912 30
4534 453 *4512 46
4512 4512 4512 4512 45
800 International Shoe____No par 43 Mar 19 5038 Jan 26
451 *4412 4512
243* Jan 5438 July
3912 40
*3612 391
100 34 Jan 12 4534 Feb 15
3812 3812 1.300 International Silver
38
37
954 Feb 5912 July
37
*3714 3918 37
79
80
360
79
7% preferred
7912 80
80
79
100 69 Jan 4 8412 Apr 9
2412 Mar
79
79
*75
79
79
7178 July
1458 147
1418 1478 1414 1438 1412 1518 1417 15
1458 1514 30,900 Inter Telep & Teleg___No par 1312 Feb 26 17% Feb 8
518 Feb
2134 July
1322 1214 1318 1318 144 1412 153* 15
13
1578 1558 1638 23,700 Interstate Dept Stores. No pa
312 Jan 4 1638 Apr 20
112 Mar
87 July
9
9
400 lntertype Corp
812 9
No par
558 Jan 3 10 Feb 8
.818 9
1 7 Jan
918 918 *812 9
1114 July
*84 9
*2512 20
1,100 Island Creek Coal
26
28
2434 Jan 29 28 Feb 21
26
26
1
11
26
264 2714 2712 271_ 28
Feb 33 July
4818 48'g 48
2,100 Jewel Tea Inc
52
4838, 4812 4812 4812 4912 4917 50 I 50
No par 33 Jan 9 52 Apr 20
23 Feb 45 July
5734 5834 564 58 1 56
57
5612 5734 8,000 Johns 11.1anvIlle
No par 5218 Mar 27 80% Jan 30
57
5638 5734 56
1214 Mar 6312 Dec
.110 112
110 110 *109 111
Preferred
130
112 112 *11114 118
100 101 Jan 4 112 Apr 18
42 Apr 10818 July
111 112
72
1,050
72
Jones
&
7312
723
4
pref.
Laugh
7412
Steel
7312
72
.100 82 Jan 2 77 Jan 23
35 Feb 91 July
741
',
4„ 7513 7312 75
,
,•4 1018
104 934
912 9t7
1018
93, June
934 978 3,700 Kaufmann Dept Stores $12.50
10
612 Jan 3 1038 Apr 13
94 10
235 Mar
*1738 1758 1738 1712 1738 1734
1712 1738 •1718 1712 1712 1812 8,900 Kayser (J) a Co
.Jan 4 1812 Apr 20
6 137
67g Feb
1912 July
314 314
314 338
338 317 4,600 Kelly-Springfield Tire
34 35s
314 314
314 318
78 Mar
5
412 Mar 12
214 Jan 5
64 July
1512 1512 1412 15
15
8% preferred
1534 1614 1634 2,600
15
15
1438 15
11 Jan 2 20 Jan 30
No par
6 Feb 31 18 June
*5,2 7
100 Kelsey Hayes Wheel cony .c1A1
*512 7
7
*6
7
7
7
*6
.8
7
4 Jan 13 10 Feb 16
2 Feb
8 May
*5
534 *5
Class 13
578 *5
112 Dec
534 *5
512 *5
1
258 Jan 2
712 Feb 16
57
8
834 June
*5
5711
1914 1914
1838 1914 18% 19
1912 1878 1912 1918 1958 1,600 Kelvinator Corp
19
No par
1178 Jan 4 2114 Mar 14
318 Feb
15% Sept
.81
85
.81
85
33
85
85
85
85
100 Kendall Co pt pf ser A _No par 6518 Jan 18 85 Star 28
85
85
85
30
Jan 73 July
2118 2134 2012 2218 21
2158 2134 2214 2114 2178 2112 223* 55.400 Kennecott Copper
73g Feb 26 Sept
No par
1734Slar 27 23 Feb 5
*1712 18_
*1712 18
57 Apr2533 July
.1712 18
100 Kimberley-Clark
*1712 18
1712 1712 *1712 18
12 Jan 2 1814 Apr 12
No par
612 635
612 634
618 63,
618 678
612 67s 2,900 Kinney Co
6% '
No par
1
3 Jan 16
Apr
Apr
13
714
814 June
*35
39 .32
38
3312 *3214 3317 3312 3312
.3218 35 .32
100
rreferred
No par
1312 Jan 6 3317 Apr 20
458 Feb 30 July
20% 2035 193 2012 20
2012 214 20,400 Kresge 04 Sl Co
2038 2038 2114 2012 21
10 1338 Jan 2 228 Feb 5
512 Mar
1678 July
.11018 11012 110 110
110 11012 11012 11012
110 110
109 109
250
7% preferred ._____ _100 101 Jan 4 III Mar 16
88
Apr 105 June
*5614 59
*5718 5114 *58
59
5634 5634 *57
51
60
200 Krona (S II) & Cs
60
No par 36 Jan 3 260 Apr 10
27
Jan
443* July
32
32
32% 6,400 Kroger °roe & Bak
5 July
31 14 3214 3114 324 3212 3278 3218 3278 32
No
oar
19
1412
2327
234
8
Feb
Jan
8
Feb35
•3712 40
40
40
40
4212 4212 4212
49
*3712 4212 42
160 Laclede CRS LI CO St LOUIS 100 40 Feb 2r 6312 Feb 13
30 Nov 80 .11111C
•5112 54
5112 5134 514 514 4514 54
5214 5214 54
54
120
5% preferred
100 4212 Jan 1. 60 Feb 9
3717 Apr 61
Jan
2678 27
2634 2678 2638 2618 27
2714
2714 27
2678 2714 3,500 Lambert Co (The).___No par 224 Jan 4 3138 Feb 5
1938 Dec 41 18 July
11
11
1112 1112 12
14
1414
133 14
1218 1212 14
2,600 Lane Bryant
No par
5 Jan 6 1414 Apr19
3 Feb1012 June
1314 1338 1234 1314
1314 1234 1314
1318 1334 3.800 Lee Rubber At Tire
1234 1318 13
5
8 Jan 8 141, Feb 19
334 Mar
123* July
*1634 18
*16
17
*16
57 Jan 27 June
16
1618 1612 *1512 1634 .15
17
300 Lehigh Portland Cement....50 1312 Jan 3 20 Feb 23
*76
771. 77
77
7712 7712 *7412 85 .7412 85
*7412 85
110
7% preferred
100 7378 Feb 23 7712Mar 3
34
Feb 78 SaP1
314 31. *318 34 9312 313
318 338 3,700 Lehigh Valley Coal____No par
318
314 312
3
1
5 Feb 21
24 Jan 8
Jac
638 July
1014 1012 104 1014 *94 1038 1014 1012
11
971, 11
117
3,200
Preferred
12 June
50
212 Apr
5 Jan 3 1414 Feb 21
•72
73
7278 7278 72
733 74'a
1,400 Lehman Corp (The).,.No par 6518 Jan 4 78 Feb 6
7212 7318 733 74
72
3712 Feb 793 July
.20
2012 *2014 20's 2014 20's 21
2212 2214 2312 2234 227s 5,900 Lehn dt Finl, Prod Co
14
5 1634 Jan 23 2317 Apr 19
Feb 2314 June
37
3712 3618 374 3614 374 3738 377
377g 9,500 Libby Owens Ford Glass No par 3414 Star 21
37
373* 373
4% Mar 37% July
4378 Jan 19
*2014 2012 20
2112 22
2014 20
2114 22
2014 21
3,100 Life Savers Corp
20
1558 Oct 2218 Sept
5 1718 Jan 8 22 Apr 19
*91
93
9112 911 .92
9512 94
94
900 Liggett & Myers Tobacco 25 73 Jan 6 9512 Apr 18
9312 9312 9512 *93
49 Feb 118 Sept
9212 9334 9212 93
9612 95
95
964 11,300
9212 9412 9412 97
Series Ii
494 Feb 993 Sept
25 7412 Jan 8 97 Apr 18
•13978 14034 140 140
140 140
139% 140 *14018 14014 1404 14014
500
Preferred
121
Mar 14018 Sept
Apr
fi
13
1407
129
8
Jan
100
2314 234 2238 2338 2278 2318 2318 23'2 23
23
23
2314 4,300 Lily Tulip Cup Corp...No par
Apr
2112 Slay
13
18 Jan 15 2312 Apr 18
29
29
29
29
*2812 29
29
*294 3012
400 Lima Locomot V.orks..No par
293* •2834 30
2512 Jan 4 3314 Feb 5
10
Jan 3I% July
*173 18
1734 18
.17
1712 1712 1712 1753 1758 1714 1714
700 Link Belt Co.
Apr
No
193
. July
pa,
1214
Jan
3
63
4
Feb
8
193*
*2914 2934 2834 2912 2834 2912 30
33
3212 333 24,300 Litiuld Carbonic
30
31
No pa, 2612 Mar 1
1014 Feb 50 July
3334 Apr 20
3414 3479 334 3412 3388 3424 3418 3434 34
3478 34
343 91,900 Loew's Incorpotated
Sept
Mar
No
3617
par
817
25
3
Apr
4
Jan
12
6
3518
97
97
*9512 98
97
*963g 98
97
97
98
97
*97
300
Preferred
No par
72 Jan 2 97 Apr 14
Apr 7818 July
35
214
238
214
23,
214
213 238 1,800 Loft Incorporated
23, 238
214
214 '21
No par
158 Jan 2
Dec
41
.
June
1
12
3
Jan
31
I%
178
I%
178
2
2
2
178 *178 2
*178 2
800 Long Bell Lumber A No par
114 Jan 12
512 June
12 Feb
25 Feb 20
*4212 4234 4218 427
24238 423* •4114 42
41% 4134 42
42
800 Loose- Wiles Biscuit
25 3812 Feb 26 z4434 Jan 17
194 Fob 443 Dec
128 128 *126 128 •126 128 *126 128 .126 128
126 126
30
7% 1st preferred
100
Miy
14
120
11
11312
128
Jan
1193
Apr
4
Jan
173 1734
173* 177
1712 1778 1734 184 1818 1835 184 1812 21,100 Lornlard (P) CO
10 153 Jan 8 1912 Feb 5
1038 Feb 25,4 July
.10934 ____ •10934 ____ •I093 ____ •109% __ _.*109% ---- *1093 ---77. preferred
100 102 Jan 26 113 Apr 11
8717 Feb 1o6 Nov
238 258
212 21.
258 234 1,4001 Louisiana OH
217 21. .238 234
258 '234
No par
114 Jan 10
38 Jan
338 Apr 4
4 July
16,2 1612 *1634 171; 17
1918 1918
19
18
18
160
173-4
18
Preferred
100
714 Jan 2 2317 Apr 4
317 Feb29 July
18
18
173 177
173
1778 1814 *18
1712 1734 17
1,600 Louisville (las & El A_No par
187
15 Jan 9 21 Feb 7
137. Apr
2534 June
*1614 17
1618 1638 1638 1634
1612 1612 1634 1678
1,500 Ludlum Steel
17
17
1
15 Jan 8 1912 Feb 20
4
Feb 2018 July
*90
92
89
89 .88
9134 *89
9134
91
9112 •89
100
Cony preferred ....No par 8712 Jan 8 97 Feb 20
•89
14% Mar 95,2 Dec
32
32
3178 32
3214 3214 321: 3314 3318 3358 3334 3378 2,900 MacAndrews A Forbes._ II
30 Jan 5 337 Apr 20
912 Feb 3114 Dec
'101..._ 101 101 5101
_ •102
10 • 6'; preferred
_ •102
__ •I01
100 95 Jan 1: 101 Apr 16
Apr 96 Nov
74
*3217 33
3217 3217 3312 -3312 33 -4,100 Mack 'I ruck9 Luc. __No par 3034 Mar 20 41% Feb 6
3212 33
337
- 8 33 -3-35s
1312 Feb
4633 July
49
4912 4812 49
4812 4918 49
4958 x4818 4878 4778 483
6,300 Macy (13 H) Co Inc...No par 472 Apr 6 1321s J1111 30
241
.
Feb 8534 July
7
54
5
478 5
5
5
5
5
5
514 *5
514 1,300 Madison So Oard v t e_No par
235 Jan 2
514 Apr 19
7 June
13* Mar
2112 21,2 *2012 22
203* 21
21is 22
*2114 2134 21 14 217* 3,200 Magma
_ - -- 10 1517 Jan 17 22 Apr 16
538 Mar
If", July
*234 3
*231 3
278 3
•278 3
278 3
27s 358 8,700 MallinsonCopper.1 June
_. par
(H RI a00.N0
178 Jan 2
4 Feb 7
5.
7
, Feb
•14
1814 20
21
•19
2012 21
20% 204 2012 2312
21
610
7.7, preferred
- 100
758 Jan 9 2312 Apr 20
3
Feb 2634 July
*2
3
2
2
*2
3
212 212 *218 314 *218 314
200 :Manatl Sugar
53 July
100
I Jan 8
32 Jan 23
Is Jan
612 612
6t2 9512 612
534
*5
6,2 *5
5
5
•5
40
Preferred
100
134 Jan 3
84 Jan 22
678 July
se .11813
*634 714 *718 714 .
612 634
634 7
678 678
714 722 1,500 Mandel Bros_
414 Jan 23
No par
812 Jan 26
97
.June
112 Jan
•I818 1812 18
1812 *1712 1812 .18
1812 1812 1812 .18
1834
600 Manhattan shirt.
V
1214 Jan 4 2038 Feb I
512 Al" 23 July
.23 34 *234 34
..1 212 2% *212 23
234 23
22
234
200 Maracaibo oil Explor.No par
134 Jan 10
June
4
338 Feb 17
1• Jan
5
5
5
5
5
5
45
54
5
5
5
5
3.500 Nlarancha Corp
' 43* Jan 8
538 Feb "
478 No N
318 NOV
778 77
77
75* 734
812 14,600 Malta- MitlIALO Corp. _ _5
83.
7,2 7%
8
77
8%
9 Feb '
534 Jan 5
6
5
Dec
11,2
Jan
28 .27
*26
28
*27
28
28
28
28
28
*2612 28
200 Marlin Rockwell
No par 214 Jan 8 32 Jail 25
Feb 2314 Dec
a
18% 19
1814 1835 1812 19
1818 19
1858 18%
1812 187
7.900 Marshall Field a CO___No par
12)2 Jan 4 1935 Apr II
1839 June
41
. Jan
104 .012 II
1012 101* 10
•10
10
1012 1012 1012
10
700 NfartIn.Parry Corp _.,,.Vo par
612 Jan 24
1238 Mar 3
778 Dec
12 Jan
• Bid and asked prices, no sties on thls day. 1 Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. r Ex-dividend. y Ex-rights.




I

New York Stock Record-Continued-Page 6

2712

April 21 1934

larFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Apr. 14.

Monday
Apr. 16.

S per share
36
36
4112 4112
*718 8
*2634 27
*75
80
32
32
3
3
*278 34
2212 2254
812 812
48
4818
*89
8978
812 834
30
30
33
334
46
47
*3334 3412
914 934
43
43
*2412 25
*24% 253
512 .512
1312 1378
1712 1734
85
8518
49
49
433 438
*28
32
19
1918
*92
93%
3112 313
5034 5034
78 1
*1038 104
3614 3612
1414 1438
14% 1438
3412 3412
2478 25
94 914
*1812 1914
244 2412

Tuesday !Wednesday' Thursday
Apr.
.17.
Apr. 18.
Apr. 19.

Friday
Apr. 20.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

I
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1033.
Lowest.

Highest.

$ per share S per share $ per share $ per share S per share Shares. Indus.& Miscell.(Con.) Par $ per share
$ per share $ per share $ per chars
5,100 Mathieson Alkali WorksNo par 3214 Jan 8 4034 Jan 24
14
Feb 4651 Nov
35
36
3514 3513 3514 361,
. 3512 36% 3614 363
41
4212 42
4078 41
4314 43
44
44
44
3,900 May Department Stores___10 30 Jan 2 44 Apr 19
934 Feb 33 Sept
73
7
74 *738 712
No par
438 Jan 2
834 Feb 21
8
*7
738
118 Apr
712 712 1,300 Maytag Co
812 July
2512 2612 2512 26
10 Jan 2 28 Apr 5
2612 2612 26
26
2614 27
1,600
Preferred
No par
34 Apr
1514 Aug
7812
80
80
*75
7812 *75
10
49 Jan 3 9212 Apr 3
7812 *75
Prior preferred
NO par
7812 *75
15
Apr 58
Oct
3112 3112 3112 3134 3114 3112 x31
No par 24 Jan 11 32 Apr 13
3114 31
31
1,600 McCall Corp
13 Mar 3034 Sept
278 318
279 278
412 Feb 6
278 3
234 3
4,200 :McCrory Stores classANo par
118 Jan 8
278 3
478 June
38 Apr
414 Feb 6
3
3
3
3
3
3
278 3
Class 13
No par
138 Jan 4
*254 34 1,100
118 Dec
6
Jan
2178 24
2278 23
*22
2212 2258 23
2,400
Cony preferred
100
54 Jan 2 2534 Mar 17
22
23
212 Mar 21
Jan
*818 918 *814 94
400 McGraw-Hill Pub Co_No par
4 Jan 4
912 Apr 18
*914 11
3 Apr
918 94 *912 11
818 June
4734 4834 48
4814 48
4878 45
18 Mar 48% Oct
4514 4678 49,600 McIntyre Porcupine Mines...5 3812 Jan 25 5014 Apr 2
47
4418 Jan 9584 Aug
89
8978 89
90
90
91
9012 918
2,300 McKeesport Tin Plate_No par 8318 Mar 27 9414 Feb 21
89
90
918 Apr 10
8
412 Jan 2
834
5
134 Mar 1312 July
81s 8%
818 834
814 834 15,900 McKesson & Robbins
814 834
28
30
2878 2914 29
Cony pref series A
31
10,000
50 1178 Jan 2 33 Apr 20
30
31
358 Mar 25 July
2978 33
35
37
558 Mar 17
414
418
378 418
1 Jan 6
33 July
No par
312 378
334 378 56,000 :McLellan Stores
14 Feb
4612 47
47
100
912 Jan 2 52 Mar 17
218 Jan
2278 July
4934 4934 50
8% cony pref ser A
49
49 .47
4812 1,900
26 Jan 2 3514 Apr 20
34
34
3312 345
35
No par
35
3412 3434 35
3514 2,300 Melville Shoe
834 Feb 2834 Oct
1
634 Jan 13 11 Jan 22
2 Mar 20 July
934 108 1018 1012
9% 1014
934 1014
934 978 6,900 Mengel Co (The)
7% preferred
100 30 Mar 21 52 Apr 19
4614 47
474 50
4812 51
580
22
50
52
*4712 50
Jan 57 July
5 1512 Jan 4 30 Feb 19
241. 25
25
2714 2634 28
27
2712 27
2714 6,700 Mesta Machine Co
7 Feb
21 Sept
253
; 2534 2534 2534 2534 26
1,200 Metro-Goldwyn Pict pref__27 21 Jan 5 26 Apr 18
1312 Mar 22 Sept
2578 26
*2578 26
612 Feb 16
934 June
5
418 Jan 9
538
538 558 1,300 Miami Copper
158 Mar
514 514
514
553
514 514 *514
1338 1334 1312 1358 1312 1334 1333 14
1158 Jan 9 1434 Feb 5
334 Mar 16 July
8,000 Mid-Continent Petrol__No par
1312 14
1214 Jan 8 2178 Feb 19
1678 1712 *17
18
1712 1712 1633 1712 17
2,200 Midland Steel Prod____No par
3 Mar 175 July
18
26 Mar 72 Sept
8% cum 1st pre!
100 7012 Jan 12 8518 Apr 14
*83
85
*83
85
85
85
400
*84
8518 85
85
4612 4612 *47
48
4754 48
600 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
13 Apr 365 Dee
*47
4834 4834 49
578 Jan 30
218 Jan 4
78 Feb
414 414
4
418
534 July
44 414
44 438
44 4,8 3,800 Minn Moline Pow Impl No par
Preferred
1718 Jan 11 3534 Feb I
028
32
*28
32
*30
3112 *2814 32
No par
6 Feb
*30
3112
30 July
19
1912 18% 1933 1918 2114 1912 2034 20
7
Jan 22 July
2214 29,300 Mohawk Carpet Mills
20 1212 Jan 4 2214 Apr 20
2.5 Mar 83 Dec
*90
937
9314 9312 93
800 Monsanto Chem Wks
10 75 Feb 26 9612 Apr 4
9312 9212 9212 *9033 92
3038 315
305 3112 3114 314 30% 311z 31
858 Feb 287 July
3178 87,900 Mont Ward Az Co Inc__No par 2114 Jan 4 3558 Feb 15
25
50
No par 37 Jan 4 5114 Apr 13
Jan 56 July
50
5014 50
*49
50
600 Mortal (J) & Co
50
50
4934 4934
58 Jan 8
I% Feb 8
78
1
78
1
1
3,500 Mother Lode Coalltion_No par
78
%
78
78
78
218 June
18 Jan
*1014 1012 103 1038 1058 1034 1012 1034 1012 10% 5,000 Moto Meter Gauge & Eq____1
714 Jan 6 12 Feb 21
14 Jan
8% Dee
734 Mar 3634 Sept
3.514 3512 3512 36
3614 3612 36
3612 3514 3534 2,400 Motor Products Corp No par 30 Jan 4 4434 Feb 15
112 Mar
14
1438 137 1418 1414 1434 1418 1412 14
1438 5,700 Motor Wheel
5
9 Jan 5 1612 Feb 16
1158 July
112 Mar
1412 1478 148 1514 5,400 Mullins Mfg Co
No par
514 Jan 12 1514 Apr 20
134 1434 1414 1414 145 15
1034 July
5 Mar 25 June
3512 37
36
37
3714 3978 3733 3914 3712 3978 3,320
Cony preferred
No par
1218 Jan 12 397s Apr 18
5 Mar
25
*24
2514 *2418 2518 2458 24% *2412 2518
600 Munsingwear Inc
25
No par
1334 Jan 6 2514 Apr 13
1838 June
I% Feb
8% 93*
10
618 Jan 9 115* Feb 16
1112 July
9
033
94 933
912 934 9,300 Murray Corp of Amer
9318 934
8
Jan 2012 July
1.812 1812 *18
1812 1812 1812 *1838 1812 1812 19
No par
1518 Jan 2 2134 Feb 21
500 Myers F & E Bros
1118 Apr 27 July
2318 2418 2314 24
2412 2478 24
2434 24
2453 23,800 Nash Motors Co
No par 23 Jan 4 3214 Jan 30
11 Feb
81 Feb 23
75* 734 *73* 734
734 734
1
44 Jan 9
734 July
714 758
718 712
712 712 2,3001 National Acme
1,
,18
8 Den
ja e
1191718
834 9
*812 88
833 85*
•834 9
75* Fel, 13 1311 Jan 319
8 .1
,
1 /i,y
e
834 912 2,5001 National Aviation Corp.No par
85* 858
912 10
*10
1012
*912 10
1,600 :National Bellas Hess pre:_100
314 Jan 6 I234Mar 19
954 934
934 10
978 10
3112 Feb 6058 June
435* 4418 43
44
4278 4331 43% 443
433 4378 4378 448 11,000 National Biscuit
10 39% Mar 10 4912 Jan 16
*14158 14312 *14318 14312 143 14318 *1423* 14418 143 143
14212 143
900
7% cum prof
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
19
1914 1934 1918 1934 1912 2014 23,100 Nat Cash Register A___No par
54 Mar 2358 July
19
1812 19
1812 19
164 Jan 8 235 Feb 6
1534 16
154 16
1512 16
16
163., 1638 1678 1678 1712 56,100 Nat Dairy Prod
1012 Feb 255 July
No par
13 Jan 4 1712 Feb 6
214
212
% Mar
23
212
212 25*
214
3 Mar 16
*214 212
214
212
212 7.400 INat DepartmentStoresNo par
1 Jan 0
212 June
1612 1714 1712 1912 1812 2034 21
2212 21
2214 20
114 Feb
22
6,750
Preferred
100
5 Jan 17 2212 Apr 18
10 June
207 Dec 3314 Nov
30
3012 2918 3014 293* 3012 3012 3114 3012 3114 3014 3118 84,000 Nati Distil Prod new....No par 2314 Jan 3 3158 Feb 1
25
*24
26
.24
*24
26
25
25
1612 Jan 5 2814 Mar 5
5 Feb
25
2534 26
28
1,000 Nat Enam & Stamping_No par
1933 Dec
141 14712 151 16012 156 158
4314 Feb 140 Nov
*139 145 *139 145
150 155
2,900 National Lead
100 135 Feb 10 16012 Apr IS
*140 144 *140 143 *140 143
143 143 *142 148 *142 148
100
Preferred A
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
76 Feb 10918 July
*10812 11812 *10812 11812 *10812 11812 *10812 11658 *107 1165* •10814 11812
Preferred B
100 1001z Jan 9 108 Mar 16
1134 12
1138 1112 1138 12
6% Apr 2012 July
1178 1214 14,200 National Pow & Lt--__No par
812 Jan 4 1512 Feb 6
118 12
113* 12
*4812 4834 4634 48
47
15 Feb 5518 July
4812 ;49
493
48% 49
465* 47
3,000 National Steel Corp
25 45 Mar 22 5814 Feb 5
1812 1834 1718 18
1714 1714 1814 1812 1818 1812 1812 2018 6,400 National Supply of Del__ _25 1112 Jan 10 204 Apr 20
Apr 285* June
4
53
54
52
53
5012 52
517 537
17 Feb 6014 June
Preferred
53
55
5612 58
730
100 3312 Jan 4 58 Apr 20
1718 1633 17
612 Jan 27 July
1634 164 17
17
1814 174 177*
15 Afar 27 1834 Feb 1
1712 1784 8,000 National Tea Co
No par
2814 2814 2914 27
112 Jan
285* 2978 2634 2734 27
2712 2758 28
5,300 Nehiner Bros
No par
612 Jan 4 3014 Apr 13
12,8 June
4812 4812 464 4712 4612 464 4634 4712 47
47,2 4734 4954 2,700 Newberry Co (J J)__ __No par 4112 Apr 2 4978 Apr 10
*103 104
10312 10312 103 103
10318 104 *103 104
104 104
7% preferred
500
100 100 Apr 3 104 Apr 10
1% Mar
*1014 1012 1018 104 1018 1014
1018 1014 10
10
10
1014 2,500 Newport Industries
1
6 Jan 10 13 Mar 6
1134 Jul;
618 Apr 234 July
2078 2078 1934 194 19
19
*1934 2012 *1912 2014 19
2034 1,000 N Y Air Brake
No par
15 Jan 5 2434 Feb 7
234 Dee 1178 June
814 Mar 19
*634 6%
6
634 *614 612
612 612 .6
7
*6
7
300 New York Dock
100
358 Jan 11
8
1514 1434 1478 *13
Oct 22 June
15% *133 15
Preferred
1512 1512 15
15
15
600
100
8 Jan 8 20 Mar 13
38 Dec
114 Feb 7
84
*84
%
84
78
84
81
34
84 1,100 IN Y Investors Inc____No par
12 Jan 2
234 June
*84
78
84
18
1834 1778 18
1834 19
185 1878 1814 1812 1814 1878 3,700 NY Shloblde Corp part stk__1
IN Jan 2212 Aug
1158 Jan 3 22% Feb 1
85
31
85
*8424 85
•84
86
08318 84
8414 8414 *83
Jan 90 Juno
85
30
7% preferred
100 7312 Jan 2 8934 Apr 13
n e 130611728
70 Nov
9712 *97
60 N Y Steam $6 pref
No par 82 Jan 5 9912 Apr 10
97% 9712 984
*9612 9812 9612 9612 972 974 *96
83 Nov 110
106 106 *106 108 *107 108 *107 108
*107 108 *106 109
20
$7 1s1 preferred
No par 90 Jan 15 107 Jan 27
Jan
4118 425* 42
1738 Jan 387 Sept
4212 4314 433 437
435* 435* 4278 437
4278 18,000 Noranda Mines Ltd_No par 3314 Jan 4 4412 Apr 9
1338 Jan 9 254 Feb 6
1914 198 1858 1912 18% 1918 1858 1912 18% 1912 1914 2014 53,000 North American Co. No par
1214
July
31 Dec 46
4414 4414 4334 4334 4334 4414 4418 4418 *4378 45
4418 45
1,300
Preferred
50 34 Jan 9 45 Apr 20
Jan
5% 6
4 Feb
6
6
5% 618
6
618
6
884 Feb 1
612 14,600 North Amer Aviation
1
418 Feb 10
58 618
9 July
701. 71
*69
7012 7012 7012 7034 7114 715* 7212 1,500 No Amer Edison prcf__No par 4712 Jan 4 73 Feb 7
70
70
39 Nov 79 July
*4012 4212 •40 - 4212 *40
43
*4112 43
Mar
29
269
4
*42
Northwestern Telegraph __50 34 Jan 9 42
43
*42
43
Apr 43 June
333 334
44 Feb 19
1 18 Feb
57 July
334 4
238 Jan 8
*334 378
33.4 354
358 334
358 378 2,400 Norwalk Tire & Rubber No par
1318 1314 1278 1314 124 1314 13
133
13
434 Feb
No par
1258 Jan 9 1578 Feb 5
138 1278 13% 25,200 Ohio 011 Co
1758 July
47
47
5
5
434 478 *478 5
358 Jan 4
7 Feb 5
118 Feb
478 5
No par
5
518 2,000 Oliver Farm Equip
834 July
225* 225* 2112 22
*2118 2312 2318 2318 2134 2178 2214 2214
314 Feb 3034 June
800
Preferred A
No par
12 Jan 8 27% Feb 5
614 Jan 2
134 Mar
533 5%
5% Jan 27
518 54
514
553
54 54 1,400 Omnibus Corp(The)vta No par
*5,8 54 *518 538
834 July
212 Feb
13
1318 13
1338 1314 1314 1314 1338 1312 137
1314 13
2,700 Oppenheim Coll & Co No par
74 Jan 4 1458 Mar 31
15 June
*1512 16
1512 1533 153* 1512 1558 1534
143 Jan 6 1938 Feb 16
10
1,14
5,100 Otis Elevator
No par
a Mar5
155* 1534 1512 16
2:
9 4 JJu
July
un
9912 9912 *99% 100
Preferred
100 100
*9912 100
*9912 100
*9912 100
160
100 92 Jan 18 101 Feb 27
9319 Apr 106 July
8 Feb 19
6% 638 4,000 Otis Steel
No par
418 Jan 4
614 63*
6,8 614
618 614
614 612
614 612
June
24 Feb 218 June
Prior preferred
*183* 19
18
1812 175* 1758 1834 1912 1914 2078 20% 2034 3,400
100
0 Jan 2 25 Feb 20
8612 87
87
86
86
8712 87 8712 8778 884 2,500 Owens-Illinois Glass Co____25 7814 Jan 3 94 Jan 30
88
88
3112 Mar 965k July
15 Dec 32 July
9,100 Pacific Gas 6z Electric
25 1512 Jan 6 2312 Feb 7
1914 1912 1914 194 1918 1914 1918 1934 1912 1958 1914 20
3534 x35
3518 345* 3533 3,500 Pacific Ltg Corp
35
3412 35
345* 345* 3412 35
No par 2312 Jan 2 37 Feb 7
22 Dec 4338 Jan
*27
3°78 *2712 3078 3078 3078 31
100 2634 Jan 2 34 Feb 5
*27
3114 *27
31
3118
300 Pacific Mills
6 Feb 20 July
310 Pacific Telep & Teleg
100 72 Jan 11 8512 Mar 13
8014 8014 80
81
80
80
8134 8212 82
8314 8212 82
55 Mar 948 July
230
6% preferred
100 103 Jan 3 112 Apr 17
9914 Nov 1 1 112 sept
112 112 *111 112 *111 112
112 112
*111 112 0111 112
77
888 Apr 13
814
612Mar 19
53
4 7,4
8
84
1)11
734 83*
6
9,
1.2 ..Z31
8
838 812 3,800 l'f1C Western oil Corp_ _No par
838
8
838
378 Jan 4
6% Feb 23
5
512
5
514
5
1
514
5,8
512
518 538
518 538 107,000 Packard Motor Car___No par
500 Pan.Amer Petr de Thins ____5 102 Jan 9 1112 Jan 30
II
11
*1034 114 1118 1118 11
8 June
II
*1034 1114 *1034 1114
14 July
1 24 Jan 4 3512 Feb 6
30
30% 30
30
3,000 Park-Tilford Inc
3014 31
2934 3114 2912 30
2978 30
6
Jan 3638 Oct
2 Feb 5
1 Jan 11
134 *138
134 .138
158 *138
18
138
138
700 Parmelee Transporta'n _No par
134
14
134
38 Mar
3 July
212 Aim 6
2
114 Jan 2
218
2
134
134
800 Panhandle Prod & Ref_No par
218 218 *2
224
233
218 24
,
a Apr
414 June
100 12 Jan 3 2112 Apr 0
90
8% cony preferred
1912 *1512 1812 1812 1812 *154 1812 *1512 1812
53 Jail
1912 1912 19
29 June
57
512 534
518 558
518 538
514 538
518
54 53 33,500 :Paramount Publix etts____10
134 Jan 2
Feb 16
53*
% Apr
212 June
1
314 Jan 11
6% Feb 15
5
518 34,900 Park Utah C M
47
54
434 518
478 514
434 5
% Jan
518 514
414 July
No par
414 Mar 2
112 Jan 4
3
314
314 338
14 Jan
318 338
318 338
315 314
34 314 19,000 Pathe Exchange
212 July
1012 Jan 4 2331 Apr 19
2178 21
2314 2212 238
Preferred class A__ No par
2012 2218 20
218 22
2234 2314 50,900
133 Jun
1414 Dec
53 Jan
173 Jan 9 2112 Jan 2
1938 194 19
1914 1914 1958 19
1984
1918 1912 1914 198 8,300 Patin° Mines & Enterpr No par
25 Nov
3
2 Jan 2
412 Apr 20
418 414
4
43*
4
4
334 418
414 412 7.600 Peerless Motor Car
334 38
34 Feb
918 July
No par 5618 Mar 27 el Jan 311 22512 Feb 6054 Dec
*59
5912 *5812 59
•59
60
600 Penick & Ford
*574 60 '6814 60
5878 59
No par 5112 Jan 4 677 Mar 3
6712 6712 6612 67
6512 66% 6612 6718 67
675* 67
194 Mar 56
675* 6,200 Penney (J 0)
Dec
100 10512Mar 8 108 Feb 19
*10612 108 *10612 108 *107 108
Preferred
108 108 *10712 10812 *10714 10812
200
90
Jan 108
Au,
•31, 378 *312 358
35
37
312 312 5312 333
218 Jan (
412 Jan 24
4
4
600 Penn Coal & Coke Corp_ _ _50
3: Fel
95* July
57
37 Jan 6
6
618
6
534 534
6
618 1,900 Penn-Dixie Cement___N-o par
6
6
534 618
734 Feb 5
14 Jan
ti'p June
*2514 2712 2514 2514 *244 2712 *26
2712 2612 2712 *2612 2712
100 13 Jan 8 2912 Feb 19
400
Preferred series A
418 Mar .42 July
3814 3814 37
3734 3612 3612 377 385
3734 3734 375 3938 3,600 People's G L & 0 (Chic) 100 27 Jan 4 437 Feb 6
25 Dec 7, Jan
*1312 1378 1312 1312 .1214 1378 *1312 1378 1312 1312 *135 138
94 Jan 3 15 Feb 23
400 Pet Milk
No par
612 Fel,
151,June
1218 1234 12
1238 1178 '
12
12% 1212 1258 1238 1254 6,000 Petroleum Corp of Am
9 Jan 5 144 Feb 3
5
433 Jan
15 July
1738 1734 1658 1712 1634 1738 17% 1712 17
1712 1738 184 14,900 Phelps-Dodge Corp
25 145* Mar 27 1834 Feb 16
187. Sept
412 Jun
3212 3212
32
3212 *323 33
33
33
*33
35
50 2414 Jan 2 37 Feb 9
3353 34
1,000 Philadelphia Co 6% pref
21,2 Nov
36 July
*60
62
*60
62
60
60
12
*61
62 *___ _ 62
63
Jan
645
63
200
No par 49
4 Feb 17
$8 Preferred
3814 Dec 62 July
512 578 15,100 Phila de Read C & 1
*434 5
412 434
43* 518
5
634 Feb 21
48 43*
6
314 Jan 4
No par
2 1 2 Feb
912 July
1712 1734 1712 175* 1778 19
19
1934 1878 1918
19
19
3,900 Phillip Morris & Co Ltd___10 1112 Jan 3 2014 Mar 26
s
Feb
147 June
*17
19
*17
1914
20
184 *171 18
18
400 Phillips Jones Corp
9 Jan 5 21 Apr 2
*1712 20
*17
No par
3
Pat, I% July
72
.71
72
72
7114 7114 *7112 72 .714 72
*7112 72
7% preferred
30
100 58 Feb 27 7478 Apr 7
35 Jun(
35 June
20
2038 1914 20
18% 1958 1958 2058 1978 2058 20
2058 40,300 Philips Petroleum
No par 154 Jan 9 22084 April
434 Jan
1834 Sept
*934 1112 *934 1112 084 10%
9
9
59
1012 *9
1012
100 Phoenix Hosiery
1312 Feb 3
5
8 Jan 11
Its Mar
IN Dee
438 4%
414
438
412 43*
43* 434
44 434 7,200 Pierce-Arrow Mot Car Co___ _5
612 Feb 19
43* 412
2 Jan 16
3 Deo
712 Nov
.7.
1
78
78
78
78
78
78
78
78
25
14 Jan 4
118 Jan 30
78
78 1,000 Pierce 011 Corp
14 Jan
178 June
*9
9
95*
918 *834 10
912 912
*9
10
*812 10
300
712 Jan 15 108 Feb 14
Preferred
10a
372 Feb
13% Jane
158
158
112
158
112
158
158
158 4,400 Pierce Petroleum
112
134
112
134
2 Feb 6
No par
114 Jan 13
234 June
Jan
%
2.513 2412 253* 25
2512 2512 24
25
2412 2434 25
25
2,600 Pillsbury Flour Mills...No par
1812 Jan 8 2578 Apr 11
usl Feb 267 June
•75
90
*69
8418 *7012 75
*70
75 '70_... *7058 75
Pirelli Co of Italy Amer shares 7014 Jan 22 8412 Mar 24
338 Apr
75 Nov
.14
16
.14
16
16
*1414 16
16
*1414 16
•1414 16
100 Pittsburgh Coal of Pa
100
912 Jan 9 1812 Feb 19
4 Feb 23 July
37
*33
37
.33
37
*33
.3634 3818 *33
36
.34
36
Preferred
100 30 Jan 11 421,Feb 1
17
Jan
49 1,0v
•Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. e Cash sale. a Sold 15 days. 2 Ex-dividend. y Ex-rights.




New York Stock Record-Continued-Page 7

2713

gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Apr. 14.

Monday 1
Apr. 16.

Tuesday
Apr. 17.

Wednesday
Apr. 18.

Thursday
Apr. 19.

Friday
Apr. 20.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Stnce Jan. 1.
On lasts of 100-share lots.
Lowest.

Highest.

I

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ per share $ per share S per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par 5 per :hare
$ Per share $ per share $ per share
914 934
934
934 1014 10
914
178 Feb
7 Jan 6 1138 Apr 4
1134 July
1014 1018 1012 10,100 Pittsburgh Screw & Bolt No par
1014 Jan 3834 Slay
*331.2 38
*3012 38
180 Pltts Steel 7% cum pref___100 30 Jan 4 43 Feb 21
39
39
37
38
40
38
312 Feb 21
12 Feb
2 Jan 19
100
678 July
100 Pitts Term Coal Corp
212
212 *2
*218 214 *2
214
214 214 *2
4
Jan 2312 July
*10
13
*10
13
818 Jan 4 1712 Feb 23
6% preferred
100
13
13
140
•12
1212 1212 13
5 Feb 19
*312 378 *312 378 *312 378
612 July
214 Jan 2
Pittsburgh United
25
*312 4
34 Feb
*312 4
1534 Feb 64 July
50
5114 5012 5012 5014 5012 *5014 5478
*5114 52
Preferred
100 37 Jan 2 5978 Feb 19
220
58 Apr
5 Feb 21
*234 338 *234 338 *234 3
7 June
134 Jan 4
No par
3
3
314 314 1,800 Pittston CO (The)
1212 1312 1314 1312 1338 1334 1312 1334 1312 1334 19.500 Plymouth 011 Co
1758 July
834 Feb
5 1258 Jan 13 1634 Jan 30
134 Apr 1384 July
10
10
10
914 Jan 2 1478 Feb 5
10
No par
1014 1014 *1018 1038 1012 1012 1,100 Poor & Co class S
614 Jan 30
158 Mar
8 June
3 Jan 12
412 5
412 412 *414 412
412 412 1,400 Porto RIO-Am Tob cl A_No par
412 458
*214 212 *238 212
58 Feb
314 Jan 30
4 May
112 Jan 3
Class 13
No par
238 212 *214
300
212 *214 212
24
2438 2412 2512 2414 2434 2414 2434 7,100 Postal Tel & Cable 7% prof 100
4 Feb 4034 June
21 Jan 3 2938 Feb 6
2312 25
512 Feb 16
512 June
358 358
358 358
178 Jan 5
No par
358 358
58 Jan
334 334 1,200 :Pressed Steel Car
353 358
15
1512 15
3 Jan
*16
15
678 Jan 5 22 Feb 17
Preferred
100
400
16
16
*1512 17
17
18 June
3512 36
3514 3512 3512 36
1958 Feb 4712 July
No par 34 Mar 21 4114 Jan 23
3512 3614 36
3612 6,900 Procter dr Gamble
108 109
97
Apr 11034 Nov
10712 10712 10714 10714 *10738 10734 10712 10712
150
5% pref (8ec of Feb 1 '29)100 10212 Jan 22 109 Apr 3
278 June
114 Mar 15
14 Jan
14 Jan 2
58
58
54
58
54 20,000 2Producers & Refiners Corp _ 50
58
34
58
54
34
4
418
4
4
13 June
2 Nov
678 Feb 19
418 418
212 Jan 4
418 418
Preferred
.
50
378 418 3,300
3712 38
3258 Nov 5718 June
3712 3814 3734 3834 3812 3834 3834 3912 8,500 Pub Ser Corp of N J.. No par 34 Jan 4 45 Feb 6
7912 7912 7912 7912 79
*7878 83
5978 Nov 8812 Jan
79
$5 preferred
No par 67 Jan 2 84 Feb 6
*78
7934 7934 7934
500
9518 9518 a95
*04
95
94
94
75 Dec 10138 Jan
100 79 Jan 8 96 Apr 20
9512 9538 9512 06
6% preferred
96
700
10518 10518 10512 10512 *10314 10512.10334 10518 10512 106
105 105
84 Dec 11212 Jae
100 90 Jan 8 106 Feb 21
7% preferred
500
09 Nov 125
11612 11612 *11618 120 *11618 11912 *11658 121 *11658 121
Jan
100 105 Jan 12 11912 Feb 17
118 118
8% preferred
200
8378 Dec 10312 Jan
102 102 *102 103 *102 10278 10212 10212
*102 103 *102 103
300 Pub Ser El & Gas pf S5_No par 90 Jan 10 10212 Apr 11
5612 5714 56
57
5738 5812 5734 5812 58
57
57
5818 July
18 Feb
No par 5014 Jan 8 5938 Feb 5
5914 11,900 Pullman Inc
212 Mar 1538 Sept
1258 1234 1238 1234 1214 1212 1212 1254 1214 1258 1238 1278 11,700 Pure Oil (The)
1018 Jan 8 1478 Feb 16
No par
7418 7418 74
74
30 Mar 6978 Sept
74
74
75
100 5834 Jan 9 80 Feb 6
7512 *74
7512
7512 *74
8% cony preferred
130
1638 1578 16
578 Feb 2538 July
16
*1614 1612 16
1638 1618 1614 1614 1754 2,800 Purity Bakeries
No par 1214 Jan 6 1934 Feb 5
818 833
814
834
778 814
1214 July
3 Feb
918 Feb 6
612 Jan 4
734 838
No par
812 878
838 834 212,200 Radio Corp of Amer
35
3612 3712 3912 3712 3812 37
35
3658 3518 38
50 2314 Jan 4 3912 Apr 18
1314 Feb 40 May
Preferred
3738 5,300
2914 3212 3118 3214 3214 3434 3234 3434 3278 3438 78,600
2914 30
612 Feb 27 July
Preferred S
No par 15 Jan 4 3434 Apr 18
338 312
312 334
358 334
I Mar
414 Feb 17
214 Jan 9
338 358
534 June
312 334
312 358 18,300 211a9io-Keith-Orph __ __No par
*2012 21
2012 2012 2012 21
16 Jan 9 23 Feb 5
2118 2114 2058 2114 21
5 Feb 2058 Sept
3,000 Raybestos Manhattan_No par
21
.1014 1114 *1012 1034 1012 1012 1078 1078 1078 1078 11
512 Feb 2078 June
838 Jan 9 14 Feb 6
10
1114
600 Real Silk Hosiery
5712 5712 5678 5678 *56
56
56
25
Jan 60 May
60
100 45 Jan 23 5712 Apr 16
*56
Preferred
58
50
*56
58
4
4
378 4
4
4
6 Apr 2
218 Jan 5
438 438
414
438
14 Jan
412 July
412 5
4,500 Reis (Robt) & Co____No par
3114 30
3012 29
*25
2934 827
118 Jan
3138 3012 3012 2934 3278 2,900
1812 June
100 1312 Jan 3 3834 Apr 2
1st preferred
1238 1234 1212 1234 1212 1254 8,500 Remington-Rand
1258 1234 1214 1234 1218 1214
212 Feb
638 Jan 6 1338 Feb 23
1
1114 July
712 Feb 3712 July
*6734 60
6714 6712 6734 6712 6712
*6778 6838 6714 6738 67
100 3238 Jan 5 6912 Mar 14
1st preferred
900
8 Feb 3534 Dec
*60
69
*60
69
*60
69
*60
69
100 30 Jan 8 67 Mar 14
*60
70 .60
29 preferred
70
512 Feb 23
414 458
418 414
4
418
638 June
138 Feb
318 Jan 2
5
458 5
478 5
24,300 Reo Motor Car
434 5
16 Jan 4 2534 Feb 23
2178 2258 2112 2238 2178 2258 25,900 Republic Steel Corp___No par
2134 2218 2038 2218 2118 22
4 Feb 23 July
9 Feb 5412 July
6112 6112 5812 6014 5838 5978 60
100 39 Jan 4 6712 Feb 23
6112 59
6% cony preferred
6012 6018 6112 3,700
1314 1334 1312 1334 1314 1312 13,4 1358 *1212 1318 *1212 1318 2,000 Revere Copper & Brass
12 June
114 Jan
5 Jan 8 1412 Apr 11
5
*2518 2712 *25
214 Mar 25 June
10 1114 Jan 29 2812 Apr 11
27
26
2618 *22
*2518 27
Class A
200
26
*22
27
2314 2378 2234 2312 2238 2414 2414 25
6
Feb 2112 June
1512 Jan 2 25 Apr I 1
2378 2478 2414 25
15.100 Reynolds Metal Co __No par
*1014 1012 1014 1014 *938 10,
112 Feb
1534 July
612 Jan 9 1234 Feb 7
No par
8 1034 1034 1078 11
700 Reynolds Spring
11
11
4238 43
2812 Jan 25414 Sept
4178 4314 4338 4334 4358 45 8 44,s 4512 44
39,000 Reynolds(R J) Tob class 13_10 3934 Mar 21 4512 Jan 9
45
*57
597
8
Jan
5
5734 *57
623
4 Jan
60
Jan
Jan
3
57
10
5734 *57
Class
A
5731 5758 5738 57
120
57
57
57
*10
61 Feb
9 Jan 17 1312 Feb 8
No par
1218 *914 1214 *918 1212 1112 1112 11
1634 June
300 Ritter Dental 51fg
11
11
11
2338 Nov 2612 Nov
*3112 3178 3112 3112 3078 3112 3138 3138 *3038 311s *3014 3138
2638 Jan 3 32 Apr 11
500 Roan Antelope Copper Mines_
812 858
5
4 Jan 3 1014 Feb 6
814 834 *814 834 *814 834
1072 June
2 Apr
9
9
9
918 1,800 Rossia Insurance Co
3514 3514 3512 3512 3512 3618 *3538 3618 *3538 36
1758 Mar 3934 Nov
900 Royal Dutch Co (N Y shares) 3514 Apr 14 3918 Feb 19
*3514 3578
2318 2314 2218 2338 23
618 Feb 3134 Sept
10 2012 Mar 27 2778 Feb 5
2358 2314 2334 2234 2312 2312 2378 6,300 St Joseph Lead
54
54
5312 54
28 Mar 6238 July
No par 44 Jan 5 5634 Apr 20
5334 5334 5418 5534 5478 55
5518 5634 3,800 Safeway Stores
103 10312 10212 10338 103 10358 10312 10312 10312 10334 10312 10312
72 Apr 9412 July
100 8434 Jan 3 10334 Apr 19
6% preferred
670
110 110
110 11078 11014 11012 11012 110,
8014 Feb 105 Sept
100 9812 Jan 15 112 Apr 20
7% preferred
760
111 112
8 11034 111
9
9
214 Apr
*834 918
12 July
6 Jan 13 1214 Feb 15
97
9
300 Savage Arms Corp____No par
9
914 914 *914
*834 912
3614 3658 3518 3634 3512 3614 36
24 Nov 4514 Aug
3 2614 Jan 6 3878 Apr 11
3634 3538 3638 3438 3512 78,400 Sclienley Distillers Corp
*614 638
58 Mar 1014 July
8 Feb 5
614 634
334 Jan 4
1
618 612
612 634
618 658
614 658 2,600 Schulte Retail Stores
2734 29
318 Apr 3534 July
29
100 15 Jan 2 3034 Apr 16
3034 29
Preferred
30
2812 2912 2834 2012 5,920
20
30
*46
50
50
28
Jan 4478 July
50
No par 41 Jan 10 50 Apr 5
*4612 50
50
50 Scott Paper Co
50
*47
*47
50
50
3678 37
3512 3612 3534 3614 3638 3714 3618 3714 3714 38
15
Feb 4338 Sept
8,000 Seaboard 011 Coot Del_No par 2538 Jan 6 3838 Apr 11
4424 54
118 Feb
478 Feb 7
258 Jan 18
434 July
No par
414 *334 4
4
4
300 Seagrave Corp
378 378
373 378
1212 Feb 47 July
4958 50
4814 5014 4812 4912 4912 5038 4878 5012 4978 51
37,800 Sears, Roebuck Ar Co No par 4012 Jan 4 5114 Feb 5
.212 278
414 Jan 26
212 212 •212 278 *234 278
5 Jun
114 Feb
214 Jan 2
1
400 Second Nat Investors
234 234 *258 278
*44
4512 .44
24
Feb
48 July
1 32 Jan 8 4518 Feb 2
4518 44
44
Preferred
*45
451 *4434 4518 *42
100
4518
138
138
33,1 June
2 Jan 22
lri Mar
1 Jan 5
138
No par
138
114
138
138
138 1.200 :Seneca Copper
138
138
138
138
853
712 July
112 Feb
814 Apr 2
434 Jan 8
1
758 8
712 814
8
778 818
19,900 Serve( Inc
734 818
734 8
1178 12
534 Apr 1314 July
1114 1178 1114 1112 1138 117s 1112 1134 1112 1134 6,500 Shattuck (F G)
634 Jan 2 1378 Mar 9
No par
*1012 1112 1012 1012 1012 1012 1078 lO7s 1034 1034
112 Feb
12 July
518 Jan 11 1314 Feb 23
No par
500 Sharon Steel Hoop
1138
113
8
212 Feb
858 June
778 Feb 5
7
718 714
434 Jan 2
No par
718
714 738
718 718
718 714 1.800 Sharpe & Dohme
718
758
45
45
2114 Mar 4178 July
x45
45
45
45
Cony preferred ser A_No par 3814 Jan 8 46 Jan 29
4514 4553 4512 4512 4512 4512
900
934 934
312 Feb
958 934
1158 July
778 Jan 3 1112 Jan 27
No par
912 958
912 958
912 934
912 934 5,600 Shell Union Oil
•7618 79
2812 Mar 61 July
*75
79
100 58 Jan 2 89 Jan 26
*75
Cony preferred
*75
77
77
*75
*75
77
77
2014 2038 1912 2014 1938 2012 2038 211
31 July
438 Feb
17 Jan 3 2418 Feb 5
No par
2012 2114 2058 2114 13,500 Slmmons Co
1238 June
47s Feb
912 958
*95a 978
9 Jan 4 1112 Feb 5
10
938 912 10
10
958 10
934 978 1,600 Simms Petroleum
1058 1034 1012 1034 1058 1058 1058 1034 1034 11
3 Feb
978 June
778 Jan 10 11 Apr 7
25
3,700 Skelly 011 Co
1034 11
*66
67
*66
22 Feb 5712 July
70
100 5434 Jan 9 67 Apr 13
*66
70
Preferred
*66
*66
70
*66
70
70
*25
27
*25
27
35 July
7
Jan
*25
26
*25
27
Sloss-Shett Steel & Iron 100 15 Jan 9 2712 Feb 17
*25
*25
27
27
*3311 36
*35
8,4 Feb 42 July
36
100 2312 Jan 2 38 Feb 17
35
35
*3412 35
7% preferred
140
35
35
35
35
*1358 1378 1358 1334 1312 1478
53 Mar
634 Jan
78 Apr 20
934 July
1478 153j 147815
1558 1514 1578 19,200 Snider Packing Corp__No par
1614 1612 16
6 Mar 17 Nov
1612 16
25 1513 Jan 4 1978 Feb 5
1612 1638 1634 1612 17
17
1714 51,200 Socony Vacuum Corp
*96
97
0612 9612 *96
58
Feb 92 July
9678 9678 97
99
9012 *9934 101
700 Solvay Am Invt Tr pret__100 86 Jan 6 9312 Apr 19
3212 33
3214 3312 3214 3234 3234 3334 3212 3278 3214 3314 4,500 So Porto Rico Sugar___No par 3138 Mar 19 3938 Feb 5
157s Jan 4858 July
•126 130 *127 130 *127 130
Jan 132 July
130 130 *126 130 *126 130
100 115 Jan 16 130 Mar 20 112
Preferred
20
1918 1912 1953 1938 1918 1978 x1938 1934 1938 1912 7,800 Southern Calif Edison
1938 1934
28
Jan
141s Nov
25 1514 Jan 4 2218 Feb 7
834 834 *812 912
Jan
1178 July
4
934 934 1078 1112 1112 1112 1134 1212 1,400 Spalding (AG)& Hros_No par
554 Jan 10 1212 Apr 20
•57
60
60
60
65
2518
Mar
72
Apr
20
Jan
11
68
65
61 June
68
100 3014
70
let preferred
71
70
190
72
12
1212 1218 1218 *11
412 Feb
1214 *11
1512 July
1212 1212 1312 1378 15
7 Jan 22 15 Apr 20
380 Spang Chalfant & Co Inc No par
*50
60
*50
60
50
50
1712 Feb 50 June
*50
53
100 30 Jan 23 55 Apr 20
53
Preferred
53
53
90
55
631 634
658 658
612 678
638 612
8 June
34 Feb
8 Feb 21
612 634
358 Jan 5
634 712 24,700 Sparks WIthington__No par
414
412
412 478
434 534
512 June
738 Apr 18
578 738
12 Jan
2 Jan 3
No par
4,490 Spear St Co
6
7
678
758
02178 22
2178 2218 22
2238 2212 2258 2212 2258 2234 23
712 Apr 22 July
1,800 Spencer Kellogg & Sons No par
1534 Jan 5 2412 Feb 23
1038 1012 10
1012 10
1014 1018 1058 1018 1012 1014 1118 70,000 Sperry Corp (The) v t c
712 July
218 May
558 Jan 5 1138 Apr 2
1
*8
12
.634 12
*714 11
*814 1012 *814 1012 *814 1012
16 June
Jan
5
8 Jan 10 13 Feb 7
No par
Spicer Mfg Co
*2614 28
*27
28
*27
2712 2838 2834 2834 28
28
1134 Mar 3212 June
2134 Jan 2 3112 Feb 20
No par
Cony preferred A
28
130
5934 6014 5934 6234 61
63
6314 62
21 12 Dec
Feb
60
6214 5912 6434 21,100 Spiegel-May-Stern Co_No par
1
19 Jan 4 6434 Apr 20
2138 2134 2118 2158 21
2112 2112 22
2112 22
1334 Mar 3758 July
2018 Mar 27 2514 Feb 1
2134 2218 43,200 Standard Brands
No par
678 7
7
7
658 678
938 Aug
Jan
7
7
714
1
738
8 Mar 13
7
4 Jan 9
718 5,900 Stand Comm Tobacco_No par
1234 1318 1214 13
1214 1278 1234 1314
1258 1234 1212 1338 8,000 Standard Gas & El Co_No par
518 Nlar 2212 June
658 Jan 4 17 Feb 6
1338 14
13
1418 1312 1334
1314 1412 14
1412 14
634 Dec 2578 June
738 Jan 8 17 Feb 6
No par
1434 15,200
Preferred
2634 2634 27
28
26
26
2778 2812 2714 2838 2812 2812 2,400
15 Dec 61 June
16 Jan 10 33 Feb 6
56 cum prior pret
No par
30
3014 29
32
3014 3138
3112 3234 3112 3212 321 1 33
15 Dec 66 June
1712 Jan 4 3634 Feb 7
5,300
$7 cum prior pref
No par
•112 158
112
112 *112 138
112
138 *112 158
278 June
12 Mar
112
158 1,400 Stand Investing Corp No par
178 Jan 5
78 Jan 13
10814 10812 *10712 10814 10778 10778 10734 10734 10712 10734 10712 10712
9212 Mar 10234 Sept
600 Standard Oil Export pref__100 9612 Jan 2 108 Apr 12
3738 3738 3658 3738 3612 3718 3678 3712 3634 3714 3658 3714 13,700 Standard 011 of Calif
1912 Mar 45 Nov
No par 3514 Mar 27 4278 Jan 30
38
39
39
3853 3814 *3812 40
38
3914 40
1234 Apr 3978 Dee
4018 4012 1,400 Standard 011 of Kansas__10 3334 Feb 13 4012 Apr 20
4538 4538 4478 4512 4478 4538 4538 4534 4558 4534 4512 4618 28,400 Standard 0110? New
2234 Mar 4712 Nov
Jersey_25 4418 Mar 20 5018 Feb 17
1214 1238 *1214 1212 1212 14
1134 12
1378 1414 1338 1418 8.100 Starrett Co (The) L 8 No Par
11 12 June
4
Feb
Jan 15 1414 Apr 19
6
5812 5878 5812 6014 5878 5912 5934 6014 5978 6014 5978 6078 11,300 Sterling
4538 Dec 6034 Sept
10 4714 Jan 4 6078 Apr 29
Products Inc
*218 21 1
214 214
218 218
218 218
218
218
2
218
378 June
5
8
Jan
3
Feb
6
2
1,100
138
Jan
Sterling
Securities el A_No par
*53, 6
6
6
558 558
512 6
.512 578
558 558
734 June
112 Feb
800
7 Feb 6
3 Jan 3
Preferred
No par
*3412 37
*3412 37
*3112 37
*3412 37
*3412 36
*3412 36
20 Mar 3614 July
Convertible preferred__ __50 30 Jan 12 3634 Feb 1
9
918
834 878
834 9
834 9
834 9
878
934 14,600 Stewart-Warner
1112 July
212 Feb
614 Jan 8 1038 Feb 21
10
9
012
938 97s
938 978
934 934
938 958
912 101s 17,900 Stone & Webster
512 Dee 1914 July
6 Jan 6 1314 Feb 6
No par
7
738
7
718
678 718
7
738
714 73s
678
7
19,800 :Studebaker Corp(The)No par
838 June
112 Mar
914 Feb 21
432‘ Jan 2
30
30
30
3114 3113 30
30
3114 3312 31
33
32
Apr 3818 June
4,000
9
Preferred
100 1912 Jan 2 47 Feb 19
6114 6114 6012 6114 *6058 61
61
61
6114 6114
6078 61
1,000 Sun 011
35 Feb 59 Nov
No par 5112 Jan 2 6112 Feb 19
110 110
10912 110
110 110
10912 11012 .10912 115 .110 115
350
Preferred
89 Mar 103 July
100 100 Jan 17 11012Mar 22
1858 *18
*19
2018 18
1912 19
800 Superheater Co (The)No par
*18
1912 1912 1912
19
712 Feb 27 July
15 Jan 6 2514 Feb 5
231
278
212 278
234 234
258 234 7,400 Superior 011
234 234
'234 234
412 July
'4 Jan
3 Feb 1
134 Jan 3
1
*1214 1338 1214 1214
1212 1212 1212 1278 1212 1234 1234 1314 1,400 Superior Steel_
2
Feb 2238 July
100 1014 Jan 4 1534 Feb 19
•378 414 *378 414
*378 414 *4
4
4
414 *4
100 Sweets Coo? Amer (The).__50
414
1 Mar 10 July
534 Jan 26
314 Jan 9
*114
178 *138
178
178
178
158 •138
17s *Vs
100 Symington Co
178 •138
3 June
Vo par
212 Feb 19
114 Jan 3
is Apr
438 434 *414 434
412 478 *414 478 *414 412
414 458
GOO
514 July
Class A
14 Apr
538 Feb 23
314 Jan 11
No par
*1238 1338 •1238 1338 *12
13
*12
1214 1214 1214
*1238 13
100 Telautograph Corp
163s July
Feb
1514
Feb
I
4
Jan
2
818
103
5
534 6
534 534
*514 534 *558 534
900 Tennessee Corp
554 534
714 Aug
158 Feb
634 Feb 19
418 Jan 8
5
5311 534
2678 2718 2618 2678 2612 2678 2634 2714 2634 27
2612 2714 17,900 Texas Corp (The)
1034 Feb 3018 Sept
25 2318 Jan 12 2938 Feb 5
3658 3658 3614 37
3618 3634 3638 3714 3638 3634 3612 3714 8,800 Texas Gulf Sulphur, __ No par 3412 Mar 27 4314 Feb 6
1514 Feb 45,4 Nov
434 478
478 5
434
434 478
478
434 478
43.4 478 5,900 Texas Pacific Coal & 011-10
612 May
138 Mar
612 Apr 4
318 Jan 8
11
878 93
938 938
938
914 938
11 18 June
312 Mar
654 Jan 6 12 Apr 2
914 938
9,8 914 9,800 Texas Pacific Land Trust__ 1
*1314 1334 .1334 14
*1338 14
1378 14
14
14
1334 141 1
1,000 Thatcher Mfg
5 Feb 2218 July
10 Jan 4 1512 Jan 30
Vo par
4318 *41
4318 *41
*1078 4318 •41
4318 *41
431s *41
8360 cony mt....No par 39 Jan 15 44 Jan 29
2738 Feb 44 July
431,
•Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. c Cash sale. I Ex-dividend. y Ex-r ghts.
$ per share
934 934
*33
38
*2
214
*10
13
*312 4
*5114 52
*234 338
1212 1278
978 10
434 434
*214
212
*2418 2438
*334 4
*1512 16
3512 36
108 109
58
54
4
138
3734 3814




New York Stock Record-Concluded-Page 8

2714

gar FOR

April 21 1934

SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.

HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT. 1 Sales
for
Saturday
Monday
Tuesday !Wednesday Thursday
the
Friday
Apr. 14.
Apr. 17. I Apr. 18. 1 Apr. 19. 1 Apr. 20.
Apr. 16.
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.

per share $ per share $ per share
Per share $ Per share IS per share' $ per share $ per share Shares. Indus.&Miscall.(Conol.) Par
per share
10
10
500 The Fair
*94 10
No par
6 Jan 6 1218 Feb 16
288 Mar 1213 May
934 10 1 "912 10141 *912 10
614
894 672
1,500 Thermoid Co
7
918 Feb 19
4
7
1
5/
1
4 Jan 4
8 7I 87
1 Feb 1012 July
68
•1812 19
19
19 I *1814 19
*1834 19
300 Third Nat Investors
19
19
134 Jan 2 193* Feb 6
1
10
Mar 2114 July
.729 834
700 Thompson (J RI
84 818
818 84
812 84
84 834
712 Jan 18 11 Feb 5
_25
6 Dec 1512 June
1712 1712 •1712 18 I 18
18 I 18
18
174 1814 1,700 Thompson Products Inc No par 1318 Jan 4 2014 Feb 16
588 Jan 2014 Sept
44 44
414 438
44 414
418 414
j
Ja
a230
912 June
3 Jan 3
: 9
4% 412 3,700 Thompson-Starrett Ce_No par
4 Mar
*1711 21
*1712 21
511
"1712 21 I •1758 21
"1712 21
$3.50 cum pref
No par 19 Mar 31 24
12 Jan 30 June
1212 13
1238 13
77,100 Tidewater Assoc 011..._No par
13
1312 1314 1332 1358 14
812 Jan 4 14 Apr 20
34 Jan 1184 Sept
81
83
81
82
8212 83 1 82
Preferred
100 6412 Jan 4 83 Apr 16
82
234 Apr 6514 Nov
8212 8212 3,100
40
*3518 38 *354 40
*35
100 Tide Water Oil
No par 31 Mar 26 38 Apr 19
38
38 *3518 40
94 Apr 26 Dec
'90 92
Preferred
92
94
92
1,500
94
92
94
93
94
100 80 Jan 11 94 Apr 19
45 Feb 80 Dec
814 Apr 20
378 Jan 4
74 814 41,000 Ttmken Detroit Azle
10
714 7,2
714 712
712 772
112 Mar
784 8
8% June
133 Feb 354 July
344 3514 3412 3418 3418 35 I 35
35.4 35
3578 7,200 Tlmken Roller BearIng_No par 2918 Jan 4 41 Feb 5
678 7
612 Jan 3
64 7
812 Feb 5
7
634 7
238 Mar
7
712 43,100 Transamerica Corp.___No par
74
9% July
10
1012 10,4 10
800 Transue & Williams St'l No par
1018 104' .1014 1012 101* 1058
27 Mar 174 July
812 Jan 2 1312 Feb 17
6% Fen 3
5
514, 54 314/ 5,2 514
234 Feb
518 514
54 514 5,900 Tri-Continental Corp..No par
43s Jan 8
814 July
7232 7312 72,
78 I .7312 78
No par 6014 Jan 9 78 Apr 20
4 7214, "74
500
78
8% preferred
78
41
Apr z75 May
38
2,500 Trloo Products Corp. No par 33 Jan 6 40 Feb 3
384 3814 35141 3812 we 39 39
388 39
2018 Feb 3878 July
11
/
4 Jan 3
400 Truax Traer Coal
312 Feb 23
No par
'214 212 *214 238
214 212 '212 234
212 2,2
4 Apr
514 July
71z 712
958 Feb 19
712 712 *712 752
478 Jan 4
10
734 734
712
2 Mar 1274 June
734 741
734 818 3.400 Trusoon Steel
4 Jan 15
2% Jan 5
3
318 "3
318 312
34 1,200 Ulan & Oo
338
3
No par
314
314 314 *3
84 Jan
614 June
*4412 4512 *44
44
4432 45
4512 44
4514 4514 4512 46
1,000 Under Elliott Fisher Co No par 36 Jan 5 5112 J21.0 20
979 Feb 3912 July
55
57
57
5512 5534 57,4 56
2,100 Union Bag & Pap Corp_No par 43 Jan 8 8074 Feb 23
57
57 5784 255
57
512 Jan 60 July
8 4434 454 45
45 4512 4412 4518 4412 4518 4412 45,
46
16,900 Union Carbide & Carb-No par 414 Mar 27 50% Jan 19
1984 Feb 51% July
1772 178 1738 1734 1738 17,
8 21712 17,
4 1738 1734 1712 1734 5,000 Union 011 California
25 1578 Mar 21 2012 Feb 5
812 Mar 23,
8 JUIY
1978 20
1912 1912 1912 1978 20
2,800 Union Tank Car
104 Feb 22% June
20% 2012 2012 2018 21
No per 1558 Jan 9 21 Feb 5
2278 2314 2212 23
2214 23
23
8 2532 71,200 United Aircraft at Tran_No par 1758 Feb 13 373* Feb 1
1612 Mar 46% July
2334 2238 2312 22,
2534 26
2614 26,2 2634 2738 2732 2812 5,800 United Biscuit
26
2614 2614 28
No par 23 Jan 8 2812 Apr 20
1312 Feb 27% July
10
•11112 11212 1124 11212 11212 11512 •11212 11512 •113 11512 *113 11512
Preferred
92 May Ill Dec
100 107 Jan 9 11212 Apr 16
3812 4014 3934 4012 4012 42
3938 3938 384 3812 38
38
9,300 United Carbon
1014 Feb 38 Dec
No par 35 Jan 4 42 Apr 20
878 Feb 7
618 618
618 638
614 612
6
614
4 Dec 144 June
No par
6
614
413 Jan 4
658 618 46,900 United Corp
•3338 34
2218 Nov 40% June
Preferred
3514 8,000
33 3378 327s 3314 3314 34,2 3332 3414 34
No par 24% Jan 3 3778 Feb 7
16
618 Dec 12 Sept
16% 1518 1618 1518 1614 1612 17
5
1634 1718 1719 1734 29,500 United Drug Inc
914 Jan 8 1734 Apr 20
6
712 Apr 20
6
614
578 612
3% Jan 2
638 712 2,750 United Dyewood Corp
10
6% June
532 5'4 *553 572
34 Feb
.312 412 .3,8 412 *4
1 Mar
558 Fen 21
1,200 United Electric Coal___No par
412 5
412 *312 412 .34 412
34 Jan 10
878 July
74
9,800 United Fruit
70
234 Jan 68 Au.
75
7234 7312 73
7014 6912 70,4 6914 7038 70
No par 59 Jan 5 75 Apr 20
1614 1612 1612 1638 1814 1612 1614 1634 1638 1634 1612 1678 18.300 United Gas improve. .No par 1414 Jan 4 2014 Feb 6
13% Dee 25 Julape
18
95
Preferred
95
96
9312 9312 9334 94
95
95
Jan
*93 94
*95
8212
8
Dec 100 Ja:
95
700
No par 88
'212 3
34 318
3
It Jan 54 Jul.
318
358 Feb 19
134 Feb 13
600 :United Paperboard
312 312
'214 3
*212 3
100
10
10
10,
•1012 1012 •912 10
8 1018 •1014 1012 1012 11
1,300 United Piece Dye Wks_No Par
34 Mar 21% Jul:
7 Jan 8 132 Feb 20
•50 59,
5934 '52
35 Dec 85 Jul'
64% preferred
55 .50 55 .50
55
5534 *51
4 *50
100 49 Jan 12 68 Feb 21
518 512
518 512
6 Apr 20
558 578
6,400 United Stores class A_ _No par
538 5,
512 6
4
34 Feb
5,4 558
714 Jul;
314 Jan 11
'66
45 Mar 66 July
400
Preferred clue A..___No par 5418 Mar 21 66 Apr 16
7518 65 66 *60 68 .60 68 "60 6334 63
63
Mar
24438
16
.4538
4432
*45
4612
*4418
46
4512
214 Apr 5112 July
4558 454 4634 4634
600 Universal Leaf Tobacco No par 404 Feb 26 4784
10 Apr 35 June
49
45
46
44
260 Universal PIcturee 1st pfd.100 16% Jan 8 464 Apr 11
46
*45 46
4614 4614 45
4514 *46
2
212 214
218
2
218 212
2
212 218
212 212 2,200 Universal Pipe .4 Rad
3 Feb 16
114 Jan 2
14 Apr
1
3% July
2812 28,
2732 2834 2858 2938 2814 2914 2832 2912 10.100 US Pipe & Foundry
818 Mar 224 July
2 2714 29
20 18 Jan 4 33 Feb 7
125 Apr 19 May
1832 1832 •1812 1914 •1812 1914 "1812 1914 1838 19
lst preferred
1834 1834
400
No par 1612 Jan 11 1959 Feb 23
1
4 Jan 31
U S Dietrib Corp
Oct
8 .212 278
"212 279 •212 272 .212 272 '212 278 *212 2,
No par
14 Jan 5
6 June
2312 2312 2338 2338 2338 2338 *2338 25
7 Feb 29% July
*2312 25,2 "2312 2512
400 U 8 Freight
No par 1912 Jan 4 2712 Feb 5
1114 1134 1134 1112 1178 1134 1134 1,100 U S & Foreign Eleour_No par
1114 1112 11
318 Feb 1754 July
'1114 12
84 Jan 2 1514 Feb 5
4.7032 78 '75
78
364 Mar 84 July
100
86 "71
Preferred
86
86 •71
No par 6314 Jan 6 78 Feb 26
7514 7514 .71
4012 4034 41
'40
41
4012 41,2 40
4112 41
18 Feb 5312 July
4114 2,400 17 Gypsum
41
20 3712 Mar 22 804 Jan 24
124 124
12434 12434 1244 125
125 125 125 125
260
125 126
7% preferred
100 115 Jan 10 126 Apr 20 10114 Jan 121 Sept
8
812
712 8
812 979
8
8
978 Apr 18
9
9%
9% 934 10,700 U S Hoff Mach Corp
158 Apr 11% June
458 Jan 9
5118 5134 5134 5312 52
52
52
1312 Feb 94 July
,
4 5214 5234 53
3,300 U S Industrial Alcohol_No par 50 Mar 27 6434 Feb 9
5212 54
978 97s 10
1018 1038 10
932 932
10
238 Mar 174 July
10% 104 104 1,400 USLeatbervtc
No par
814 Jan 4 1188 Jan 24
1714 17,
414 Feb 2784 July
Class A vto
600
4 '1834 1714 1738 18 •1712 18 *1712 18
•1734 18
No par 14 Jan 9 1954 Feb 1
74 *65
74 •65
*65
74 .65
30 Feb 7814 Sept
73 *65
Prior preferred v t a
70
74 "65
100 5512 Jan 5 80 Jan 30
212 Feb 1412 July
912 912
9% 912
914 934 5,100 U S Realty & Impt___No par
914 912
914 934
734 Jan 9 12% Feb 2
914 10
2014 2012 2014 21
20% 2112 2112 2212 2112 2318 2212 234 152,300 U 13 Rubber
2% Feb 25 July
1454 Jan 5 2312 Apr 20
No par
47
491 491
4972 48% 5114 5112 54
512 Feb 4388 July
5712 6114 57,500
Id preferred
5338 59
2418 Jan 8 6114 Apr 20
125 127 123 127 1234 12512 126 12738 12512 12834 1264 12812 14,600 U 8 Smelting Ref & Min_50 9658 Jan 13 13512 Feb 16
134 Jan 10558 Sept
6012 6112 62 62
63
6134 6212 *63 65 *63 65
63
1.800
Preferred
50 544 Jan 13 63 Apr 20, 3912 Jan 58 Sept
7
5212 51
5212 5018 5178 5158 5234 5114 5212 5118 5272 46,200 U S Steel Corp
52
100 48 Jan 5 59 Feb 19 \ 233* Mar 674 July
9678 9678 9638 9738 9538 9612 9612 9714
53 Mar 10512 July
954 9614 5.500
Preferred
4 ISO
100 88 Jan 9 9912 Jan 5
10134 10134 10214 10214 .101 10214 •10114 10312 "102 10312 •102 10312
59 Jan 10912 Dec
200
Tobacco
No par 99 Jan 5 110 Feb 6
334 4
3% 4
Ws Feb 6
3% 4
6,200 Utilities Pow & Lt A
334 4
1% Apr
3
258 Jan 5
,
4 372
3
,
4 378
1
8% June
4.122 134
14 138
1% 1%
1% 114 4,800 Vadsco Sales
112 1,
4
No par
1 Jan 2
117 184
34 July
2 27
261.2 2612 26
2712 2678 26,
2612 27
ja
en
b2
19
5
2612 26
7%
18 M
jaanr 3614 July
27% 3,800 Vanadium Corp of Am.No par 21 Jan 5 3117848 F
912 918
938 1132 11
94 938
1138 1034 11
5,700 Van Raalte Co Ino
118 May
'812 9
5
44 Jan 2 1138 Apr 18
10 July
67 7012 69
2079 May 65 Sept
6138 62 6432 6458 66
71
1,920
61
69
7% 1st pre
70
100 z544 Mar I 98 Feb 5
33
33
3332 3238 33
3214 33
2318 D.N. 31 Sept
33
33
3312 5,800 Vick Chemical Inc
33
33
5 2438 Jan 4 3317 Apr 20
*328
4
4
4
4
4
4
438 4,600 Virginia-Carolina Chem No par
378 4
5% Jan 23
18 Feb
37s 378
34 Jan 11
74 July
2072 20
21
20 20
*20
20 .20
338 Mar 2612 July
2012 21,4 2134 2412 6,400
6% preferred
100 1412 Jan 3 26 Feb 5
73
73 '70
"70
--- *70
"70
73
73 *7012 73
100
3588 Mar 6312 July
7% preferred
100 5954 Jan 8 73 Feb 5
'72 -72
76
73
7372 75
ii72 *72 72,2 72
460 Virginia El & Pow $6 of Aro par 65 Jan 2 78 Jan 30
60 Dee 954 Jan
7572 77
77.! 718 .614 712 *614 8'4 *64 83s *6% 84
140 Virginia Iron Coal & Coke.100
814 8/
9 Feb 23
1
4
24 Feb 15 May
478 Jan 11
6978 6978 •6414 Ag
6872 68
64
67
190 Vulcan DetinnIng
67
69 69
68
12% Feb 67% June
_100 52 Jan 4 79 Mar 9
•74, 712 '74 74 '718 712 '714 712
8/
1
4 Feb 20
7% 7%
300 Waldorf Syetem
Are par
714 73s
54 Dec 12 July
584 Jan 2
2614 2678 267g 28
2634 27,4 264 27
2714 27% 2734 28
7,600 Walzreen Co
No par 2214 Feb 26 28114 Apr 4
6)4% preferred
•101 102 10112 10112 102 102
1
4 Apr 20
250
10112 102 103 103
10314 10334
75 *Ai); 11.
100 8412 Jan 4 103/
6.1-2 Sept
478 5
6% Feb 1
5
434 5
5
*434 5
514 534
No par
78 Apr
2% Jan 4
514 5% 4,600 Walworth Co
8% June
9
8
500 Ward Baking class A No par
812 .8
9
914 .818 914 *814 914
218 Mar 20 July
*834 9
618 Jan 5 12 Feb 5
*238 278
238 24
3% Feb 5
2/
1
4 238 "2% 214 1,100
232 238
258 234
Class B
No par
58 Apr
218 Jan 11
5% July
3212 *3112 3218
30
30 •31
600
3012 3012 2972 30 .2912 30
Preferred
1112 Apr 44% July
100 2712 Jan 5 35 Jan 24
1114 Feb 5
738 778
1
738 734 65,000 Warner Bros Pletures
73s 8
478 Jan 6
74 74
Feb
5
7% 734
712 734
CPR Sent
2812
*27
29
3012
29
Apr
2914 30
20
30
25
414 Feb 2412 Oot
$3.85 cony prat
3012 2,100
No par 184 Jan 19
2312 2912 294
378 Feb 111
272 278
.232 278 "232 278
500 Warner Quinlan
234 234 .238 3
234 234
158 Jan 4
No par
Mar
472 June
212 Feb 22% June
4,600 Warren Bros
10,
,
8 1038 1082 10$8 1012 1034 1034 11
4 12
10,
4 10,
No par
9% Jan 4 1318 Jan 24
4 10
21
21
2138 2112 21
2112 21
20
2014 2312 1,440
Convertible pre ____No par 16 Jan 8 2474 Jan 23
20
21
7,2 Fat
35% Jane
*2414 2512 2478 2512 *25
2512 2512 2512
"2334 25 "2312 24
500 Warren Fdy dk Pipe_ No par 23% Apr 9 31 Jan 20
5
Fel
30 Dec
.5
7 Jan 25
478 478
478 478
532
5 Mar 27
1
5
512 *518 512 •5t8 512 1,100 Webster Elsenlohr_ _No par
Jan
8 July
74 Mar
23
1
100 Wells Fargo & Co
1 Jan 17 2273814
134 134 *112 1,
"112 1,
4 •112 184 •112 134
1
4 •112 134
Apr
312 June
Feb
244 2438 25
25
2512 2538 25
2414 2434 1,300 Wesson Oil& Snowdrift No par 1534 Jan 4
25
2514 25
3712 July
59
59 .5714 59 •577g 60 *5734 59
59
Cony preferred
59
300
*59 60
40 Mar 63 July
No par 5212 Jan 5 60 Feb 23
53
5514 534 54% 56
.55
5618 54% 5514 55
56
5614 9,200 Western Union Telegraph.100 514 Jan 4 6678 Feb 6
1714 Feb 7714 July
3232 3112 32
32
3114 3114 3114 3218 3114 32,2 3172 32,
4 6,900 Westinglfse Air Brake_No par 204 Jan 5 38 Feb 6
1134 Jan 3552 July
3738 3832 37% 38% 3832 4018 3814 4118 4012 4214 41,400 Westinghouse El & Mfg. 60 35% Jan 4 4714 Feb 5
'3834 39
1958 Feb 58% July
let preferred
90
90
130
90 *88 89% 88
*88
90
88
90
88
90
50 8312 Jan 17 92 Jan 311
6012 Feb 96 July
11,
2 •1012 11 •11
6% Jan 3 14 Feb 5
1,800 Weston Elea Instruml_No par
•11
1112 1112 1112 1112 12% 1212 13
312 Feb 1314 July
Class A
_ ...
•18
-- *21
•19
- '21
•23
No par 16% Jan 5 23 Mar 27
10 Mar 2214 July
64
*2012-64
65
68
67 67 •65
330 Weer Penn Elea clam A.No par 4412 Jan 8 87 Apr 19
63 63 .63 637s 64
30 Apr 73 June
Preferred
75
430
75
75
7432 75
7612 77
75,
75
2 954 76
75
37 Apr 77% June
100 5154 Jan 8 77 Apr 20
6% preferred
130
6512 6512 67 67 26514 67 •65
67
6512 6512 67 67
3312 Apr 6912 July
100 45 Jan 3 67 Apr 111
100 West Penn Power pref
108 108
10734 108
10734 108
10734 107% 10772 10778 108 108
8812 Dec 110% Jan
100 8912 Jan 2 108 Apr 12
140
6% preferred
100 10212 101 101
100 10014
9912 100
*9714 100 *99 100
80 Dec 101
100 7834 Jan 10 101 Apr 19
Jan
64 Jan 30
4
3 Jan 10
334 4
4
378 4
378 412 8,100 West Dairy Prod Cl A_No par
378 378
314 4
34 Apr 1134 June
Class B via
118 Jan 3
112 1,
114 1% 11,300
8
132 138
Jan
138 112
No par
14 114
112 112
is
414 June
24
2212 2278 2212 23
2 Feb 311
1478 Jan 12 27Mar
22,
2
2312 2312 23 234 22
22
1,200 Weetvaco Chlorine Prod No Par
Mar 2012 July
2412 *24
*2412 25 •24
Wheeling Steel Corp...No par
2412
19 Jan 5 29 Feb 21
2412 *2414 25
•2414 2514 *24
74 Jan 85 July
•53
4
Preferred
57
Jan
55
Feb 26
400
55 *53
'53 55
100 38
5312 5314 54
15 Feb 67 July
5484 5484 '53
40 White Motor
112114 25 .2138 24
24
*2134 24
24
1
4 Jan 8 2512 Feb 19
2314 2314 *2118 24
50 16/
14 Jan 264 July
*2834 30,4 2912 29,2 2834 2914 2934 30
314 3078 3072 2,200 WhiteRkMinSpr ottnewNo par 24 Jan 4 3112 Apr 19
30
23 Oct 29 Oct
3% Feb 6
14 Jan 8
3
234 234 .212 234
3
*284 3
3
338 3,900 White Sewing Machine.No par
234 3
Ii Jan
4% July
•712
Cony preferred
9% 94
812 934
No par
878
512 Jan 12 1114 Apr 20
914 1114 4,700
834 *712 872
Jan
n 1011 July
434 434
5
478 478
414 5
5
5 338 Jan 9 53 Apr 5
514
2,000 Wilcox 011 & Gas
5
.434
2 Mar
June
512
518
9 Apr 11
4% Jan 8
812 812
812 812
No par
812 858 •818 84
818 838 5,000 Wilson & Co Inc
814 812
11 June
8 2314 2512 24
2532 25,
27,5s2 A pr 113
2578 24
Class A
No pat 1214 Jan 9 8
2518 25
19,000
2512 2418 25
10
47a m
j
Jan
.
anr 22 June
78
8014 7912 8114 8012 82
8112 82
Preferred
100 53 Jan 8
80
4,500
80
80
80
7213 July
5318 5234 5312 5312 5412 5312 5412 254
5244 53,2 52
10 414 Jan 3 r5458 Apr 20
545s 21,300 Woolworth (F W) Co
2518 Apr 50% Jul)
"2518 27 •26
27 *25
900 Worthington P & W
2614 27
100 21 Jan 5 317 Feb 5
264 26
2612 '2514 27
8 Mar 3988 Jul)
4412 46 .45
"4512 46
Preferred A
4778
46
46 •46
46
47
120
46
100 34 Jan 10 53 Jan 24
14 Mar 51 June
Preferred B
3512 3512 36
300
36 .35
*3412 36
37
36
36 .3412 36
100 30 Jan 10 42 Jan 24
14
Feb 47 June
5514 554 56
5714 5712 56
840 Wright Aeronautical...No par 16% Jan 8 75 Jan 27
56
5712 5712 56
551g 62
6 Apr 24 May
6138 6134 6112 6218 6214 6214 26214 6234 6234 63
2,200 Wrigley (Wm) Jr (Del)No par 5412 Jan 11 63 Mar 24
6178 62
3412 Feb 574 Dec
Yale
&
20
14
20
20
20
Towne Mfg Co.._ .25
20
600
20
Jan 5 2038 Feb I
.19
20 •20
21
2014 2014
7 Jan 23 June
578 572
5,
714 Feb 19
8 514
44 Jan 2
538 578
534 578 4,200 Yellow Truck & Coach ol B 10
534 6
534 5'4
24 Mar
784 Jul)
40
'4012 4212 40
42
Preferred
*40
45
42
230
42 '41
100 28 Jan 2 46 Feb 23
41 '41
18 Mar 42 Jul)
19
19
'19
1912 1878 1938 1812 18% 19
1912 19
1914 2,200 Young Spring & Wire No Par 15 Jan 8 2214 Feb 19
312 Mar 191g July
2814 2712 2814 28
8,200 Youngstown Sheet & T o par 2112 Jan 3 338 Feb 19
28
2872 2714 2812 27% 28
2812 28
712 Feb 37% July
314 338
484 Feb 5
4
412
332 312
418 418 2,900 Zenith Radio Corp_ _No pa,
312 3,
3 Jan 12
11
354 418
R Dec
Ii Feb
672 718
7
718 714
678 7,4 7,700 Zonite Products Corp_ „I
718
1373 7
6s 7
734 Feb 19
544 Jan 15
358 Feb
812 Jul)
$ per share
.1014 11
634 634
'1812 19
•772 884
1712 17,
4
412 • 412
*1712 2112
1278 13
82 82
'35
40
9112 9138
732 712
3514 3,512
678 718
•1012 11
538 512
*7238 78
38
3838
'214 2I

• Bid and asked prices, no sales on this day. I Companies reported In receivership. a Optional sale. c Cash sale. s Sold 7 days. r Ex-dividend.




V

Ex-rights.

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

2715

On Jan. 1 1909 the Exchange method of quoting bonds was changed and prices are now "and
interest"—except for income and defaulted bonds.
NOTICE.—Cash and deferred delivery sales are disregarded In the week's range, unless
regular weekly range are shown in a footnote In the week in which they occur. No account they are the only transactions of the week, and when selling outside of the
Is taken of such sales in computing the range for the year.
BONDS
N. Y. STOCK EXCH A NGE
Week Ended Apr. 20.

Li
o

b ..
u
t
41 a,

,
Price
Friday
Apr. 20.

Week's
Range or
Last Sale.

E
. 2.
eis.

U. S. Government.
Rid
Ask Low
High No
First Liberty Loan-34 of '32-47 1 D 103,,,, Sale 10324,103.n 239
Cony 4% of 1932-47
J D ____
_ 10014,Jan'3 i ____
Cone 44% of 1932-47
J D 10350,, Sale 103,93,103.n 448
2d cone 434 % of 1932-47
J D 10214, ---- 102,,,,102,,,, 10
Fourth Lib Loan 434% of '33-38 A 0 101
Sale 103,,,, 1014, 671
434% (called)
____ ____ ____ 10110,,Apr31 ____
4 ‘.i % (2d called)_ 102,3, Sale 1024, 10214, 514
Treasury 448
1947-1952 A0 11041 Sale 1104, 1113,
,, 309
Treasury 44s to Oct 15 1934.
thereafter 334%
1943-45 A 0 101 144 Sale 101242102,1n 1662
Treasury 48
1944-1954 J D 1034, Sale 105,,, 10714, 810
Treasury 34s
1948-1956 M 9 101°',, Sale 101211,1051,n 303
Treasury 34s
1943-1947 3 D 10210,2 Sale 10214,1031,n 713
Treasury 3s___Sept 15 1951-1955 M 13 9915,, Sale 991,,, 99,41 1313
Treasury 334s June 15 1940-1943 J D 100,
,, Sale 10224,10310n 894
Treasury 34s Mar 15 1941-1943 M 8 102,,,, Sale 1025411031ln 394
Treasury 334e June 15 1948-1949 J D 10017,1 Sale 10017,, 1014, 1019
rreasury 34e
Aug 1 1941 F A 1021,,, Sale 102",,1031,,, 1625
Treasury 334s_ _ _ ____1914-1946 ---- 1014, Sale 1017,, 101,4, 3451
State & City—See note below.
Foreign Govt. & Municipals.
Agile Mtge Bank s I as
1947 F A
Feb 1 1934 subeeq coupon__
Elinktng fund 65 A __Apr 15 1948 --A0
With Apr 15 1934 coupon__ --Akershus (Dept) ext 58
1963 MN
Antics:luta (Dept) coil 75 A_1945 2 1
External s f 7s ser B
1945 J J
External At 7s ser '3
1945 J 1
External, f 75 ser D
1945 J J
Externals f 7s let ser. —1957 A 0
External sec St 7s 01 ser_1957 A 0
External sec 5 f 7s 3d ser 1957 A 0
Antwerp (City) external 5s 1958 J D
Argentine Govt Pub Wks 85_1960 A 0
Argentine 88 of June 1925_1959 1 D
Eat]51 (is of Oct. 1925-1959 A 0
External 11 f 685eriee A
1957 M S
External Os series B_ _Deo 19582 D
Extl s f 6s of May 1928
1960 M N
External s f (le (State Ry)_1980 NI S
Extl 6s Sanitary Works _1981 F A
Eat! 6/1 pub wks May 1927 1961 MN
Public Works extl 5348_1982 F A
Argentine Treasury 66t_
1945 NI S
Australia 30-yr 6s_ __July-15 19552 J
External 58 of 1927_ Sept 1957 M S
External g 434s of 1928..„1958 MN
Austrian (Govt) of 7e
1943 J D
Internal sinking fund 78_1957 J J
Bavaria (Free State) 6348.__1945 F A
Belgium 25-yr esti 6 48
1949 MS
External o f Os
1955 J J
External 30-year I f 7s
1955 1 D
Stabilization loan 75
1956 MN
Bergen (Norway)55,0K 15 1949 A 0
External sinking fund 5n_1080 M S
Berlin (Germany) s f 6349
1950 A 0
External ,t 8s_.june 15 1958 J D
Bogota(City) extl of 88
1945 A 0
Bolivia (Republic of) ext18e_1947 MN
External secured 78 (flat).1958.7 -1
Externals 17s (flat)
1969 M S
Bordeaux (City of) 15-yr 68_1934 M N
Brazil(U 8 of) external 88...._1(141 1 D
External 5 f 6345 of 1926_ _1957 A 0
External,1 834,of 1927 1957 A 0
78 (Central Ry)
1952 J D
Bremen (State of) extl 78
1935 M S
Brisbane (City) 5 f 5e
1957 MS
Sinking fund geld 52
1958 F A
20-year, f (is
1950 J D
Budapest (City) exti s f 88 1962 1 D
Buenos Aires (City) 834e2 B 1955 J J
External s 1 6e ser C-2
1960 A 0
Externals 1 Os ser C-3
1960 A 0
Buenos Aims (Prov) ext.! 88_1961 M 8
Stpd (Sep 1 '33 coup on)1961 M S
External 8 t 6348
1961 F A
Stpd (Aug 1 '33 coup On)1901 F A
Bulgaria(Kingdom),f 70_1967 3 J
Stabil'n s f 73.4s Nov 15 1968 Tel N
Caldas Dept of(Colonabia)7345'46 J J
Canada (Domha of) 30-yr 48_1960 A 0
58
1952 M N
448
1936 F A
Carlsbad (City)8 f 88
1954 .1 J
Cauca Val (Dept) Colom 748'46 A 0
Cent Agile Bank (Ger) 78.._1950 M El
Farm Loan of 6s__July 1-5 19602 J
Farm Loan s 113s_Oct 15 1960 A 0
Farm Loan as ser A Apr 15 1938 A
0
Chile (Itep)—Ext1 St 78
1942 M N
External sinking fund 68_1960 A 0
Ext sinking fund 68__Feb 1961_ F A
Ry ref ext s f 6s
Jan 1961 J J
Ext sinking fund O8-.Sept 1981 51 S
External sinking fund Os .1902 M El
External sinking fund Os...1963 M N
Chile Mtge Ilk 634s June 30 1957 J D
81 854s of 1926_ _June 30 1981 J D
Guar 8 f (is
Apr 30 1981 A 0
Guar s f as
1962 MN
Chilean Cons Munk, 7s
1960 M S
Chinese(Hukuang Ry)5s._1951 J D
Christiania (Oslo) 20-yr 5'54
85
M 8
Cologne (City)Germany 8451950 M 8
Colombia (Itop)65 of'28_ _Oct'61
Oct 1 1933 and sub COUD0118 on_ A 0
Apr 1 1934 and sub coup's on ---Eater as (July 1 '33 coup on)131 J J
With July 1 1934 coupon on__
Colombia Mtge Bank 04e of 1947 A0
_—
Sinking fund 7s of 1926
1948 MN
Sinking fund 7s of 1927
1947 F A
Copenhagen (City) be
19523 D
25-year g 434s
1953 MN
Cordoba (City) ext1 s f _ _1957 F A
External of 7s____Nov
7s151037 MN
Cordoba (Pros') Argentina 71942 J J
Costa Rica (Republic)—
75 Nov 1 1932 coupon on_1951 MN
78 May 11930 coupon on_1951 ____
Cuba (Republic) Snot 1904 1944 118 8
External 55 011914 ser A 1949 F A
External loan 434e
1949 F A
Sinking fund 54s Jan 15 1953 J J
Public wks 5349 June 30 1945 J D
Cundinamarca 6340
1959 MN
Czechoslovakia(Rep of) 8.9_1951 A 0
Sinking fund 88 nor B
1952 A 0

Range
Since
Jan. 1.
Low
High
100,,, 1044,
10017,11007n
10114,1032,n
10214,10224,
101.3., 104,,,
10014,11311,n
1024,11021TO
104,1,11111,n
9724,102,4,
101,4,10714n
1004, 16524,
98,4110315n
9314,99,3
98,4,1032,,,
98,0.'1032 n
9511 101,
,,
9724,19314,
1014, 101,4,

BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 20.

..g.?:

ri
...a.

Prize
Friday
Apr. 20.

Week's
Range or
Last Sale.

.g .
,;,..S.3
4541

Range
Since
Jan. 1.

Foreign Govt. & Munic.(Con.)
Bid
Ask Low
111011 No Low
High
Denmark 20-year extl 6s____1942 1 J
9614 Sal: 9318
9578 53
8612 9714
External gold 534s
1955 F A 92 Sib 92
36
93
8334 9512
External g 4 4s__Apr 15 1962 A 0 83 Sib 8214
8312 99
71
87
Deutsche Bk Am part ctf 60_1932
Stamped extcl to Sent. 1 1935_ ,,-, 72
747 z74
15
74
7112 7714
DominIcan Rep Cust Ad 530'42 M 9 6414 Sets 64
6414 12
433 65
1st ser 5348 of 1926
1940 A 0 55 Sae 5514
3
55%
36
56%
2d series sink fund 534s
1940 A 0 56 8,12 55
7
57
374 57
Dresden (City) external 78_1945 NI N
5212 55
5238
53
33
48
5818
Dutch East Indies esti 6s
1947 J J 16118 8Ss 162
16414 27 150 1847
40-year external as
1982 M S 164'8 Sete 161
16418 42 15112 165
30-year esti 5 4s____Nov 1953 MN 16312 Site 162
4 151 18412
16312
30-year ext 5348
Mar 1953 M 8 164 Site 162
10 1511/ 164
161
El Salvador (Republic) 8s A_1944 J J
5618 75
5212 Apr'34 ____
4812 60
Certificates of deposit
J .1 502 54
5113
5112
1
38
55
Estonia (Republic of) 78____1967 1 J 75
78
75
8
75
5778 75
Finland (Republic) ext 85_1945 M S 9714 98
974
9
9734
79
9734
External sinking fund 75_1950 M 8 100 Sale z9918
8612 10014
21
100
External sink fund 634s__1956 NI S 9712 Rile 9712
98
15
7812 99
External sink fund 549-1958 F A
92 Rile 9112
933
76
92% 63
Finnish Stun Loan 634n A__1954 A 0 934 9512 9414
9512 10
77
9512
External 848 serial B____1954 A 0 93
95
9312
9412
7512 95
7
Frankfort(City of)01648_1953 M N 3234 337 3312
3414 43
2934 48
French Republic Intl 7(4s._1941 3 D 17738 Sala 17312 17716 60 13414 1778
External 78 of 1924
1949 2 D 179 Silo 176
25 160 13012
179
German Government Internetlonal 35-yr 634s of 1930 1985 J D 4218 Silo 4014
4412 803
40% 631 2
German Republic extl 7s
1949 A 0 6734 Sale 6412
8412 8712
7012 249
German Prov & Communal Bk..
(Cons Mole Loan)8348 A_1958 1 D 3712 Sale 3634
364 7112
3912 55
Graz (Municipallty) 88
1954 MN 8012 Sale 7714
8012
8
57% 8012
Only unmatured coupons on___
- 61
____ 62
6
62
62
62
Gt Brit & Ire (II K of) 548_1937 FA
--11834 Sale 11818
119
37 1114 12412
t4% fund loan £ opt 1980_1990 MN 11714 Sale 11612 z11714 160 109 1173e
Greek Government,1 ser 7s_1964 MN
28
32
2712
7
2712
22
3312
St sects Aug '33 coupon 1968 F A
23 Sill 23
10
23
1834 31

2112
- 2318 Apr'34 ____
18%25
____ -23- 2112
2112
2
20
24
2112 _2112
2112
2
1538 2512
____ ____ 2112
2112
2
2512
18
8012 Sale 7916
8012 11
6612 8012
1114 12
1118
12'8
84 173
9
1112 Sale 1118
12
11
9
17
1114 1214 1214
93 17
1214
1
1114 12
1114
124 15
84 1714
1012 1234 11
12
7
818 1434
1012 1112 1114 APr'34 ____
8
1416
11% Sale 11
1138
7
8
1416
92
95
93
9318 10
824 9912
773 Sale 7434
7812 109
534 7812
7714 Sale 7414
7812 136
5312 7812
774 Sale 7412
7878 89
53
787 Haiti (Republic) s f as ser A _1952 A 0 80 R113 80
7412 81
20
81
7734 Sala 7434
7816 166
7858 Hamburg (State) 65
53
36
55
1940 A 0 337 Sala 333
3334 58
7718 8.113 7416
7812 98
5352 7812 Heidelberg (German)ext1734s'50 3 d
31
3412 30
30
Apr'34 ___
44
7812 79
7812
7734 Sale 7414
Eleisingfors
535,
(City) ma 848_1960 A 0 941 Sale 9412
95
7234 95
42
7814 142
7712 Sale 744
5312 784 Hungarian Music Loan 7345 19452 J
3718 Sill 3718
14
384
2816 4414
7712 Sale 7414
7812 115
5216 781.
External s I 78 (coup)
1948 J 3 40 Sib 3934
30% 45
4116 106
7714 Sale 75
7812 100
52% 731; Hungarian Land NI Inst 734s '61 M N
45
47
47 Apr'34 ___
3312 47
71 Sale 6814
7112 85
4712 7112
Sinking fund 734s ser B
1961 MN 45
52
47 Apr'34 ____
31
47
9658 Site 9616
9814 20
803 99
Hungary (King of) 5 t 7345_1944 F A
3812 395, 38
3112 424
3834 10
9634 91
9616 Sale 9614
8812 97% Irish Free State tati St 5n..1980 MN 115 Sale 115
5 11018 118
115
9614 Sale 9614
9678 345
89
97% Italy (Kingdom of) esti 75 1951 J 0 10014 Sale 100
101
76
9916 102
9334 Sale 9312
94
157
83
Italian Creel Consortium 70 A '37 M 9 a99 50s 9718 z9718 21
95
95 100
9918 100
9918
9934 20
9118 100
External sec s f 78 ser 13_1947 M 9 9818 sib 9s18
9818
7
914 100
7018 Sale 69
7012 51
7012 Italian Public Utility extl 78_1952 1 J
50
909 Sale 90%
8614 9315
9134 17
____ 4012
4312 13
38
4012 5912 Japanese Govt 30-yr of 648_1954 F A
953 Sale 953
964 97
86
9612
10314 Sale 102
10314 21
Eat'sinking fund 534s
95 10412
1965 MN
85 Sale 834
734 86
242
86
1034 Sale 10112
10314 92
94 10314 Jugoslavia (State Mtge Bank)—
10712 Sale 10634
10712 29
99 109
Secured et g 7s
1957 A 0 40
41
40
41
41
32
6
1064 Sale 105
10634 33
9578 10634
7s with all unmet coup _1957
18
____ 27
Apr'34 ____
23
27
8012 80 82
82
1
68
Leipzig (Germany)s f 78_ _ _1947 --82
FA
5972 Sale 59
32
60
80
3716
8012 84
80
14
8014
864 8012 Lower Austria (Ploy) 734s 1950 J D
8118
7916 ____ 8118
60
4
8118
35 Sale 34
3512
8
31
32
Only unmatured coups attach'd ------------50 Feb.34 ____
63
50
33 Sale 3212
3412 33
3212 4912 Lyons (City of) 15-year 6s 1934 MN 17014 17112 16778
16918
11 149 1694
1612 2114 2212 Apr'34 __ __18
24
912 41
612 1134 Marseilles (City of) 15-Yr 88-1934 MN 17014 Sub 169
8%
8118 Sale
17014 25 149 17014
534 1012 Medellin (Colombia) 612s
15
8
8 Sale
714
1954 J D
1134 Site 1114
1218 38
87 1616
7% Sale
74
73
33
514 1012 Mexican Brig Asstng 4345_1943 MN
5
4
514
412 738
4
73
4
5
3
17014 Sale 16734
17014 24 149 17014 Mexico (US) esti 55 01 1899 £'45 Q ---------4
Sept'33 -----------3112 Sale 3114
3318 26
223 3612
Amenting 5s of 1899
1945 ---814 1018 812 Apr'34 ____
6.4 10
27 Sale 2614
2734 67
2014 32
Assenting 55 large
___ ____ ____
94
914 16
712 1114
2612 Sale 2614
2014 32
2914 111
Assenting 53 small
---- ---- ___
8 Feb'34 _-_8
8
263 Sale 2634
2814 50
2012 32
Assenting 4s of 1904
51
57
1951 ---53
4
Sale
17
418
74
Sale
5512
5412
56
10
5318 6318
Assenting 48 of 1910
_- _6
634 414 Mar'33 -----------85
8534 13
85e 855,
7314 88
Assenting 4s 01 1910 large
---6 Sale
534
518 834
4
6
854 Sale 28514
854 20
73
8772
Assenting 45 of 19113 small
5%
434 832
-_--7
21
6
512 Sale
94 Sale 94
94
13
83
Tress 6s of'13 assent(large)'33 3 3
95%
•
*
•
41
4614 4134
4314
16
3118 4612
Small
*
•
*
6712 7012 64
6518 15
464 6518 Milan (City, Italy) tut! 834s 1952 A 0 8916 Sale 8814
28
893
8516 917
Apr'34
80
6018 67
47
60
Minas Geraes (State) Brazil—
63 Sale 60
63
8
4514 63
External s t 848
1958 M 8 1918 Sale 1918
2034 10
24
17
4618 48 145121.Apr'34 _ __
304 4614
1712 234
Ext sec 634s series A
1912 1918
1959 M S 19
1938
9
4014 Sale 393
2674 44% Montevideo (City of) 7s
405, i30
3412
J D 3438 Sale 34
1952
22
3438
2714
4718 52
4612
4673
1
315, 4612
External of 8s series A.-_1959 MN 29
31
2912
30
2614 31
18
41% Sale .41
42
43
27
42
New So Wales (State) extl fts 1957 F A 9412 95
95
944
38
85
96
2212 Sale 2114
2212 19
187s 234
External s t 5s
A 0 9412 Sale 9412
1953
Apr
15
95
8514
95%
2314 Sale 23
24
6
23
2812 Norway 20-year ext On
1943 F A
10118 21
9912 Sale 99
914 1014
1414 11
1312 14
1318
10% 1834
20-year external Co
1944 F A 10012 Sale 100
19
101
904 101
9934 Bale 9914
997e 236
997
92
30-year external 65
1952 A 0 997 Sale 9912 100
22
8912 100
10734 Sale 10714
10734 72 10314 10834
40-year s 1 5349
1965 J D 93 Sale 893
9338 55
83.8 9512
104 Sale 1034
104's 73 10034 10418
External s f 5s___Mar 15 1983 M 9 9118 Site el
9112
57
8012 92
7714 Sale 7714
79
4
6712 804
Municipal Bank extl 0158_19374 13 9012 Sale 9012
91
8312 91
6
143 12%
13
t3'e
6
1034 19
Municipal Bank extl St 5s_1970(ll D 90
91
9014
z9014
22
91
81
5713
5712 Sale 55
90
55
73
Nuremburg (City)(art' 65_1952 F A
32
36
3438 12
3312
33
554
4812 Sale 4612
4934 89
4612 69
7712
Oriental Devel guar Os
1953 M 9 77 Sale 7614
7718 28
65
5012 Sale 4714
51% 169
4612 69
Extl deb 534s
73 Sale 72%
1958 M N
6234 74
6
73
5512 Sale 5514
57
152
4912 70
Oslo (City) 30
-years f 88-1955 MN 9178 96
93
9134
7618 93
8
1414 Sale 13
144 29
9
16
137 Sale 1212
14
79
718 16
102%
Panama (Rep) extl 530- -1953 i D 1021e Sale 102
9
98 103
144 Sale 1214
144 76
7
Esti St Sneer A_ __May-1-5 1963 MN 42 Sale 42
1512
4214 15
2918 44
14 Sale 1212
14
72
7
Stamped
1534
___
Sale z42
42
2932 44
15
4312
1414 Sale 12%
1414 131
734 15,
5 Pernambuco (State of) extl 78'47 M 5 15 Sale 15
1514
4
1078 1818
14 Sale 1234
14
25
714 15
Peru (Rep of) external 7s___1959 M S 17 Sale 17
42
17
812 17
134 Sale 1212
1418 102
718 16
57 144
Nat Loan extl s f 6s 1st ser 1960 J D
1012 Sale 1012
1112 140
1418 Sale 1314
1414 99
94 143
Nat loan eat] 0105 2d ser_1961 A 0 11 Sale 1014
1112 131
614 144
1434 1534 14
1438
6
10
1814 Poland (Rep of) gold 6s_1940 A 0 7518 Sale 7312
7518
13
59
7518
14 Sale 1278
1414 47
818 1518
Stabilization loan s t 7s___1947 A 0 9812 Sale 975
9912 201
88 100
1438 Sale 1278
1438 42
8
External sink fund'g se_ _1950 J J 8914 8912 8312
15
85
35
85
694
1012 Sale 1012
11
17
7
12
Porto Alegre (City of) 8s___1981 J D
19
1912 19
18
6
24%
1914
4118 Salo 41
4112 21
2758 4278
Extl guar sink fund 748__1968 J J
1918 Sale 19
2412
18
6
1914
90
917o 93
93
1
81% 93
Prague(Greater City) 734s.1952 M N
99
9934
99
97
83
8
993
4
321213378 3212
33
10
31
50
Prussia (Free State) esti 634s '51 M S 3812 Sale 38
69
40
371s 5412
External s f as
3378 114
1952 A 0 38 Sale 37
37
57(4
26 Sale 24
2612 24
2112 355, Queensland (State) extl 8175 1941 A 0 10612 Sale 10512
10612 37 102 10612
2218 Bale 2158
24
31)
18% 3212
25-year external On
1947 F A 10112 Sale 10112
10112
9411 103
2
____ ____ 26
2712
2
21
3534 Rhine-Main-Danube 70 A__ _1950 M S 60 Sale 5514
6116 73
50
674
22 Bale 22
2412 12
1812 3218 Rio Grande do Sul extl s 1 88_1948 A 0 234 Sale 2232
2314 21
20
26
1734 1878 1912 Apr'34 ____
15
24
External sinking fund 63 1988 3 D 20 Sale 20
21
35
1812
24
1734 1918 19
1914
4
1512 24
External s f 78 of 1926
1966 MN
2114 Sale 20%
2112 34
1858 24
1734 20
174
1734
2
15
26
External
a
t 78 munic loan_1987 J D 21
21
22
21
11
19
244
793 Sale 7838
793
22
6312 84
Rlo de Janeiro 25-year o f 8s.1946 A 0 20
21
20
2014 20
1712 22%
75 Sale 74
753
22
5912 7812
External s f 834s
1953 F A
20 Sale 20
2014
17
1712 22
3314 Sale 32
34
36
144 34
Rome
(City) extl 834s
1952 A 0 904 Sale 89
91
57
874 92
3518 37
33%
36
19
297 36
Rotterdam (City) extl 6s
1984 MN ___ 12014 128 Mar'34 ____ 112 134
5012 Sale 4712
53% 25
2518 5338 Roumania (Monopolies) 78_1959 F A
29 Sale 29
2934 14
29
40
Saarbruecken (City) 65
19532 J
78.._ 78
78
2
8618 78
__ 33
34
33
6
30
33
Sao Paulo(City) et 8-1__Mar 1952 MN 244 -2-5
2412
3
2412
2314 30
2014 12I 2012
22
4
1834 22
External 51 64s of 1927 1957 MN 24
2478 24
24
1
173 24
92 Sale z9114
92
10
7472 95
San Paulo (State) esti St Ss_1936 J ./ 28% 3012 2818
30
66
33
18
95 Sale 95
95
3
93
95
External sec etas
1950 J J
25 Sale 2212
81
25
7612 80 a7634 a7712
135, 25
8
13278 78
External s 1 7s Water L'n_1956 M 5 2112 2412 21
33
24
1312
24
80 Bale 76%
81
GO
6178 8418
External 0105
10683 J
2018 23
2012
22
34
125, 22
324 Sale 3112
323S 81
23
4178
Secured a f is
1940 A 0 844 Sale 834
8514 79
65
8616
14 Sale 13
14
76
1032 1934 Santa Fe (Prey Arg Rep) 75_1942 M S 33 Sale 33
34
11
1812 34
0841100
98
9812
7
88 101
Saxon
Pub
Wks
'45
F
A
574 Sale 57
(Germany) 75
58
43
5532 67
9734 9934 100
Apr'34 _-__
90 101
Gen ref guar 64s
1951 M N 4612 52
4612
46% 40
46
60%
For footnotes see page '2720.
'
No FF.—Sales of State and City securities OCCUr very rarely on the New York Stock
Exchange, dealings in such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities. will he found on a subsequent page
under the general held of "Olintstions tar 11nliste4 Securitlee -




New York Bond Record—Continued—Page 2

2716
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 20.

I +4
t
7. t

".4.
0

Price
Friday
Apr. 20.

Week's
Range or
Last Sale.

a'31

Range
Since
Jan. 1.

High
High No. Low
Ask Gots
Bid
Foreign Govt. &Munk.(cond.)
D ____ 6438 6312
5634 71
65,4 14
Saxon State Mtge lost 7s....1945
5614 70
64
9
Sinking fund g 6 Xs_ Dec 1946 JO 64 Sale 6313
21 18 28
3
2614
Serbs Croats & Slovenes 8s__1962 MN 2518 Sale 2518
22
10
1914 2078 194 Apr'34
All unmatured coupon on.
14,8 15
15
1318 18
15
Nov 1 1935 coupon on
1
2514
18
2414 19
2334 Sale 2313
1962 MN
External sec 75 ser 13
1234 20
1778 Salo 174
5
1778
November coupon on____
17
11
16
13
1238
1
1238
7s Nov 11535 coupon on 1982
5238 654
6512 102
1958 i
6512 Sale 6358
Silesia (Prey of) exti is
69
50
5414
5414
5214 54
8
Silesian Landowners Aeon tls 1947 F A
16612
2 150 16612
Soissoms (City of) exti 6s___1936 MN 16734 ---- 16612
75
55
75
74
15
Styria (Proy) external 7a_ _ _1946 FA
10614 27 102 10934
Sweden external loan 5348_1954 MN 106 Sala 1043.1
93
80
9178 Sala 9178
1955 FA
9214
14
Sydney (City) a f 534s
72
Taiwan Elec Pow s f 543_1971 .1
Tokyo City be loan of 1912_1952 MS 72
Externals f 534s guar__1981 AO 7112
1112
Tolima (Dept of) extl 7s____1947 MN
Trondhjem (City) 1st 530_1957 MN
Upper Austria (Prov) 7s____1945 3D 8218
External s f 643.June 15 1957 JD
40
Uruguay (Republic) extl 83_1946 PA
3438
Aug 1 1934 couponon
1980 MN 364
External s f 63
3512
1960
May 1934 coupon on
3438
External s f 6s____2!ay 1 1984 1-41
3578
May 1934 coupon on_1964
Venetian Proy Mtge Bank 78 '52 AO 104
85
Vienna (City of) extl vi 63_19.52
75
Unmatured coupons attached_ MN
6418
Warsaw (City) external 7s__1958 FA
Yokohama (City) esti 6s1961 3D 76
Railroad.
Ala Gt Sou 1st cons A 5s___1943 JO
1943 JO
let cons 4s ser B
Alb & Susq let guar 3343_1946 AO
1998 AO
Aileg & West 1st gu 43
1942 MS
Alleg Val gen guar 843
:Ann Arbor 1st g 4s_ _ _July 1995 Q J
Atch Top & S Fe—Gen g 43_1995 A0
Adjustment gold 4s _July 1995 Nov
July 1995 M N
Stamped
D
Cony gold 43 of 1909____1955
D
1955
Cony 4s of 1905
1900 3 D
Cony g 4s issue of 1910
D
1949
Cony deb 434s
.1
1965
Rocky Mtn Div let 43
Trans-Con Short L let 4s_1958 J J
Cal-Arts 13t & ref 43.4s A_1962 MS
Atl Knox & Nor let g bs__1946 JO
All & Charl A List 4343 A1944 J
lilt 30-year 53 series B_1944 J,
Atlantic City let cons 43_ _ _1951 J J
Atl Coast Line let cons 48 July *52 M S
General unified 43.4s A___1964 JD
L & N coil gold 43.___Oct 1952 MN
J
1948
Atl & Dan let 8 45
1948 3
264s
1949 AO
Atl & Yad lot guar 4s
Austin & N W 1st gu 6 58-1941 3,
Bait :13 Ohio lat.g 4s_ _ _July 1948 AO
Refund & gen bo series A.1995 JO
let gold 5s
July 1948 AO
1995 JO
Ref & gen 65 series C
PLE&W Va Sys ref 4s....1941 MN
Southwest Div 1st 5s____1950 3,
Tot & CM Div 1st ref 4s A _1959 J J
Ref & gen ba series D____2000 MS
1960 FA
Cony 434s
1996 MS
Ref & gen M Seser F
J
Bangor & Aroostook let 5s 1943
J
1951
Con ref 48
Battle Crk & Stur 1st gu 38_1989 JO
J
J
Beech Creek 1st gu g 48
1936
1936 J
2d soar g 53
Beech Creek ext 1st g 33.4s.._1951 AO
Belvidere Del cc(... zu 343_1913 J J
1944 Jo
Big Sandy let 48 guar
13..oton & Maine let be A C_1967 M S
1955 MN
'at M bs serfes II
1961 AO
1st g 4 Xs ser JJ
Boston & NY Air Line lat 4s 1955 FA
Bruns & West lot gu g 4s 1938 ii
Buff Roch & Pitts gen gs5a__1937 M S
1957 M
Consol 434s
Burl C R & Nor 1st dr coil 54_1934 AO
Certificates:of deposit
Canada Sou cons gu ba A___1982 A 0
Canadian Nat guar 434s____1954 M S
30-year gold guar 443_ _1957 J
Guaranteed gold 434s_..1968 J D
July 1969 J J
Guaranteed g bs
Guaranteed g fia
Oct 1969 A 0
Guaranteed g 55
A
J D
5F
70
Guar gold 443___June 15 195
1956 F A
Guar g 434s
Guar g 4348
S
1 JM D
950
194
Canadian North deb fSr_1
1946J .1
25-year f deb'8 43
10-yr gold 443___Feb 15 1935J J
Canadian Pao By 4% deb stock-----1946 15i-i
Coll tr 4 3.4s
Coil
1944 J J
equip tr ctfs
Dec 1 1954 J D
Coll tr g 5e
Collateral trust 4 43____1960 3
1949 J J
Car Cent 1st cons g 45
Caro Clinch & 01st 30-yr 5s_1938 .1 D
lot & cons g Baser A_Dec 15'52 J
1981 J D
Cart & Ad lat gu g 43
Cent Branch U P let g 43_1948 3 D
:Central of Ga 1st g ba_Noy 1945 F A
1945 MN
Consol gold 58
Ref & gen 534s series B 1959 A 0
1959 A 0
Ref. & gen .5s series C
Chan Div pur money g 48_1951 J D
Mac & Nor Div 1st g 53_1948 J J
Mid Ga & Atl Div pur m 5s '47 J J
1946 3 J
Mobile DIY let g 63
Cent New Engi let gu 4s____1961 3 J
Cent RR & Bkg of Ga coil bs 1937 M N
1987 J J
Central of N J gen g 5s
1987 J J
General 43
F A
1949
gu
ref
1st
Pao
4s
g
Cent
Through Short List gu 43_1954 A 0
1960 F A
Guaranteed g 58
Charleston & Sayli 1st 7s__1936 J J
Ches & Ohio let con g 58___1939 M
1992 M S
General gold 4394
1993 A 0
Ref & !rapt 44s
Ref & impt 434s ser B.......1995 J J
Craig Valley 1st 5s _May 1940 J J
Potts Creek Branch 1st 43_1948 J J
R & A Div 1st con g 4s 1989 .1 J
1989 J J
2d consol gold 48
Warm Spring V 1st g bs 1941 M 8

Sala

7212
72
9
7114
4
72
7334
7112
18
Apr'34
12
8013
9
804
8218
3
8212
6814
674
4
45
37 Mar'34
3912 34
35
11
Sale 34
6
37,4
Sale 32
146
38
3512
7
34
Site 3212
354 24
____ 104
104
1
Sale 8158
85
47
Sale 71
75
10
Sale 63
6412 62
Site 7512
764 17

9113

Sale
14
8112
Sale

10311 10412 10312
9734 10012 954
96 Sala 9578
85
84
87
103 Site 103
5313 Sale 4934
102 Sale 10112
934
9558 9612 9531
9438
9414
95 8 -- -- 9518
9213 Sale 024
10478 Sala 104
9878 Sala 98
__
103
103
104 Sale 1034
8. 9934
1035
101 101 10018
10418 106 10418
8912 96
7511
98 Sale 964
9034 Sale 8958
85 Sib 824
5214 Salo 52
47 Sale 4612
61
6412 6231
92 Sale 9012

10312
2
9734 12
9612 10
Feb'34
103
5312 20
10214 152
9338 44
9812 27
3
9514
9558 22
94
2
1044 81
99
46
8
10318
10434 67
Jan'34
Apr'34
10514 25
Jan'34
9812 103
9112 62
251
85
53
18
47
6
63
4
92
20

Sala 99
100
186
Sale 8412
86
171
Sale 105
106
81
Sale 95,2
65
97
Sale 9712
9812 112
Sale 9914
10014 288
Sale 8612
88
57
Sale 84
8518 151
Sale 71
72
265
8578 153
Sale 8378
Sale 05$4
5
10612
9912 9212
9334 15
68
5
63
63
10034 0014
10034 31
_--- 9934 Apr'34
83 Mar'34 _
10034- -— _
8812 -89- 10012- Mar'34
8958 33
89 Sale 8834
90 Sale 8918 I 90
17
47
84
8312 Sale 824 I
48
72 4 Sale 704
72
9812 !Apr'34
974
10334
10312 Sale 10312
7
8034 60
80 Sale 7838
•
_
Apr'34
52
35
40
11
1 •'
10412 10434 10512 10534 20
25
104
10358 10414 10334
10512 Sale 10478
1054 41
10512 65
10512 Sale 105
10978 Sale 10912 11018 50
11112 68
11078 Sale 11014
11078 25
11034 Sale 11012
48
109
109 Sale 10838
10758 43
10718 Sale 107
10734 58
10712 Sale 107
47
109
10834 Sale 1084
11712 35
117 11712 117
10233 11
10258 Sale 10238
8014 282
8018 Sale 79
964 89
9678 Sale 9614
10512 52
105 o Sale 105
9958 211
094 Sale 9878
179
93
9278 Sale 9112
3712 Mar'34 _
41
35
10412 21
10412 Sale 10414
1064 11
10678 Sale 10534
4
8334
8312 83
82
36
51
51 Sale 40
15
65
6914
6012 70
3734 48
3712 Sale 3512
22
20
26 Sale 23
60
26
£26 Sale 22
36 Mar'34
.3312 40
Jan'33
13314 ____ 35
Jan'34
_ 21
"55" -317s 33 Mar'34
29
79
7813 Sale 7714
7
71
70
6912 71
47
106
105
__
10538
9312 15 '90 Mar'34 -157
05
94'x Sale 29378
6
93
914
19234
91
87
86 Sale 185
Feb'34
10314
___
104
16
11018
110 Sale 109
10638 Sale 10612 10734 85
10212 83
10134 Site 10134
10214 116
102 1 Sale 1014
10212 105 101 18 Feb'34
I
981,
9813 Sale 9812
2
1001 1
100 10138 10014
____ 9838 Apr'34
98
____ 9912 Jan'34
102
9978
8513
10534
97
9838
100
87
8518
7112
8578
10612
9278
63
10012
100

I

BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 20,




Price
Friday
Apr. 20.

Week's
Range or
Last Sale.

Bid
Ask Low
Railroads (Coniinued)—
Chic & Alton RR ref g 3s__1949 A0 6878 Sala 67
Chic Burl & Q—Ill Div 343_19111 .1 .1 9878 Sala 984
1949 J J 10112 Sal: 10358
Illinois Division 4s
1958 MS 10118 Sala 10118
General 45
1st & ref 4 Mg ser 13
1977 FA 10138 Salo 1004
1971 FA 106 3.11.1 106
let & ref 55 ser A
A0 8014
80
III
1934
East
&
1st 6s
Chicago
1914 gal; 18
:C & E Ill Ry(new co) gen 581951 MN
1614 18
1614
Certificates of deposit
Chicago & Erie 1st gold 5s___1982 MN 107 Sala 1064
S 56 8.113 .414
Chicago Great West 1st 45__1959
4513 4413
44
:Chic Ind & Louisv ref 6s___1947 J
J 38
40
40
1947
Refunding gold 50
41
40
1947 ii 38
Refunding 4s series C
1818
4 Bab
18,
1966 MN
lot & gen 5s series A
1938 2112 19
lot & gen (Is series B_May 1966 J J
J 92,2 9412 02
1956
Chic Ind &Sou 50-year 43
D 101,4
1969
Chic L S & East 1st 443
- 101
7118 Bal-a 7312
Chi NI & St P gen 4s ser A 1989 J
71 SO: 7012
Gen g 334s aer B___May 1989 J J
Gen 443ser C
May 1989 J J 80 Sala 79
j 8014 81
7934
May 1989
Gen 434s ser E
May 1989 JJ 84 Salo 83
Gen 4313 aer F

g-ife,01081"..4 103 72

-dr

Range
Since
Jan. 1.

Mph
High No bow
7018 172
5158 7018
9933
0912 93
88
10412 51
97 10412
9212 1024
72
102
10134 53
8818 10131
107
28
96 107
4
81 18
80
53
1912 120
25,2
10
1
1614
934 21
12
107
91 107
5814 159
3512 5!)
4412
33
6
47,2
4218
Mar'34
26
41
Feb'34
40
2012 60
1238 24
2513
Apr'34 13
9312 20
9312
71
Mar'34
99 10414
7478 99
6014 7478
71
10
71
53
8013 77
8012
64
81
19
6312 81
84
8
84
65

73,2
7311
7334
17
8714
8212
6814
48
4018
5612 Sae 5113
5612 570
Chic Milw St P dr Pac 58 A._1975 F A
42
1934 Sale 18
1934 991
Cony adj 6s
Jan 1 2000 AO
40
N 6958 Salo 6713
694 20
Chic & No West gen g 3145_1987
42
77
77 Salo 7518
23
1987 11 N
General 45
40
7712 S Oa 7712
7712
1
Stpd 4s non-p Fed Inc tax '87 MN
109
8234
18
Gen 445 stpd Fed Inc tax.1987 MN 814 Sao 8134
85
N
2 Sale 386'4
86,
8738 20
Gen 53 stpd Fed Inc tax
1987
75
62
Jan'34
N
__
4 4s stamped
1987
6814
9(114 33
15-year secured g 643_1936 MS 95 SO, 9538
77
66
41
lot ref g Ss
May 2037 JO 6578 SOD 65
5912 66
D 5938 Stla 5812
let & ref 434s stpd May 2037
60
D 5914 51, 5834
63
lot & ref 434s ser C__May 2037
91 1034
5312 955
N 5314 sale 5113
1949
Cony 4 Xs series A
96
9734
7212 95
7233 9.113 70
85
9812 Whin R I & P Ity gen 43_1988 3 J
70
Apr'34
72
__Certificates of deposit__
7334 87
•
- —(5 •
Refunding gold 42
1931 &
96 10312
2712 33
2714 Salo 2612
Certificates of deposit......
5312
29
30
111
Secured 443 series A
1952 MS 30 Sae 274
93 10278
Apr'34
2714
3014
27
Certificates of deposit
95
84
1612 91
164 Salo 15
Cony g 443
1960 MN
83
9612
al5 Feb'34
Certificates of deposi.
824 9514
10412
8
;102
954 Ch St L & N 0 53__June 15 1951 3D iarz 114-7
80
6312 Sept'33
D
st38
Gold 334s
June 15 1931
784 94
8834 21
86
Sil
JO
67:82
Memphis Div 1st g 4s____1951
9514 105
7914
silo
80
27
3,1794
Chic T H & So East let 53__1960 JO
9!)
82
6038
5
62
00
Inc gu 6.3
Dec 1106(1 M
9514 103,4
Chic Un Sta'n 1st gu 454s A.1983 J J 10544 sal, 10512 10578 22
95 105
1st 5s series 13
1963 J J 10514 108 10712 1094 16
9934 103
106
13
Guaranteed g 68
1944 JO 10513 Sala 10514
8678 10034
11334
11414 98
1st guar 634s series C....1903 33 114
88 10514
e 9014
9112 165
9138 S alo
1952 J J
7512 Chic & West Ind con 48
75
10214 19
1st ref 534s series A
1962 Sf S 10214 Sole 102
9812
82
60 Feb'34
1952 MN
9158 Choc Okla & Gulf cons 58
74
9912
Feb'34
JJ
ioaCin
2d
D
&
443
gold
1937
85
68
Apr'34
01
lot
39
534 C I St L & C Ist g 43__Aug 2 1936
9814
9814
3
Cin Leb & Nor 1st con gu 43_1942 MN 9533
47
35
10838
5
106 Salo 106
Cin Union Term 1st 4 4s___2020 3
63
46
10814 23
1i, 108
A54
1E10:
0239 8
18090
:
let mtgo be series B
2020 ii:
7914 92
0838
10918 23
lst mtge g 53 series C
1957 MN
9638 Feb'34
Clearfield & Mah lot gu 5s_ _1913 J J
8812 100
9534 30
04
Cleve Cln Chi & St L gen 43_1993 3D
8734 86
00 Apr'34
D
General 58 series B
1993
984 10638
98
9814
98l41
6
Ref ar impt 6s ser C
1911 32 90,
9712
77
9014
9112 15
Ref &!met bs ser D
1983 J
9812
85
81
82
J
188
Ref dr Impt 43,4s ser E
1977
8313 10014
101
0078
5
Cairo Div 1st gold 48
1939 J J
88
66
84
Apr'34
90
87
Cin WAM Div 1st g 4s 1991 .j
854
67
90
914 90
5
St L Div 1st coll tr g 4s___1990 SIN 89
67
7234
9734 Mar'34
984
Spr A Col Div 1st g 4s____1940 51
6713 8578
W Val Div lat g 4s___ _ 1940 J J 874 95 83 Apr'34
101 10634
9334
75
10112 10312 0012 Apr'34
Cleveland & Mahon Val g 5s 1938 1
63
60
9912 Feb'34
Clev & Mar let gu g 448__ .1935 MN 10012
90 101
A0
10012 11312 98 .June'33
4
gu
gen
13._1942
P
&
ser
43
Clev
8
997
92
86
Jan'33
Series B 334s
1942 A0 9218
83
83
004 Dec*33
1942 J J 10012
Series A 4343
01 Aug'33
8533
Series C 343
1948 MN
-Oars 1101-2
83
Oct'32
Series D 314s
1950 AF 88
73
904
91 Sept'33
Gen 434s ser A
1977 PA
7313 90
101
33
8414 Cleve Sho Line 1st go 4 tie _ _1961 *0 101 Sale 00
68
101
53
61
7312 Cleve Union Term lot 534s__1972 *0 101 Salo 9934
1st s f 53 series B
1973 AG 9414 Salo 94
95,4 44
8878 9812
9138 49
lot f guar 4 Xs series C 1977 AO 91 Salo 90
97 10414
D 100 102 00 Apr'34
804 Coal River By let gu 4s____1945
80
•
9712 Sale 9631
9734 185
Colo & South ref & ext 443_1935 MN
8138 43
General mtge 434s our A__1980 MN 804 Sale 8014
40
34
03 Apr'34
AO
101
18 102
Col & II V 1st ext g 48
1948
0233 10212 11
Col & Tol 1st ext 4s
1955 FA 101
92 100
77 June'33
9858 10173 Conn & Passum Rly 1st 4s 1943 *0 9013
59
63
9813 10512 Consol Ry non-cony deb 4s_ _1954 J J 59 Sale 574
58 Mar'34
52
J
Non-cony deb 48
1955
994 10558
59 Mar'34
Non-cony deb 4s
1955 *0 52
105 11014
597
J
2 58
52 - Non-cony deb 43
1956
Mar'34
10478 111 10
D 314 Sale 2813
32
101
1942
105 1104 Cuba Nor By 1st 5343
264 Sale 26
2712 27
Cuba RR 1st 50-year 53 g1952 J J
10218 109
28
2358
let ref 734s series A
1936 JO 23
2438
6
100 10738
1914 Sale 1938
1st lien & rof 88 ser B
7
1938 JO
2012
10018 10778
105 10914
95 Salo 9412
95
167
10834 11812 Del & Hudson 1st & ref 48_ __1943 MN
1935 AO 10218 Sale 0218
63
8
10212
10011 103
Gold 534s
1937 MN 103 Sale 0238
103
65
8012
61
FA 1011.1
RR
10114
D
let
Bridge
&
g
gu
48__1936
5
10114
7434 964
3 5912 8.118 57
Den & R G 18t C011a g 411-- — 1939
5912 168
9918 108
6118 16
Consol gold 434s
1938 J J 61 Salo 6012
7714 9938
PA
26 Sale 2334
Den & RU West gen 68 Aug 1855
26
250
7118 93
Ref & Inapt 58 our 13—APr 1978 *0 4912 Sale 4234
4912 214
3212 3712
613 8
778 Mar'34
9534 10412 :Dee 94 & Ft Dodge 48 ctfs_1935 33
71
130'34
9014 1064 Des Plaines Val lot gen 443_1947 MS 72
D 21
25
195.5
20 Mar'34
Dot & Mao let lien g 48
84
70
D
11 14 20
11 18
Second gold 48
1995
11 18
51
7
28
Detroit River Tunnel 448_ _1961 MN 10213 Sale 10178
65
10212 13
41
10318 Jan'34
374 Dul Missabe & Nor gen 5s___1941 32 10514
22
Dui & Iron Range 1st 5s____1937 A0 10518 118. 10518
1
10518
124 26
Dul Sou Shore & Atl g 5s____1937 J J 4614 48
47
4812 16
. 26
123
East By Minn Nor Div Ist 48'48. *0 9412
95 Apr'34 _
_
37
18
East T Va & Oa Div 1st 5s__1958 MN 105 Sale 10414
105
16
8
102
1014
"IT Ill; Elgin Joliet & East let g 5s__1911 MN 102
8li2 Apr'34
El Paso & S W 1st ba
35
1965 *0 72
28
98
Feb'34
81
96
Erie & Pitts g go 314s ser B1940 J
05
97,4
Series C 34s
1940 3, 9812 084 0712 Apr'34
7212
53
81
Erie RR 1st cons g 4s prior_ _1996 3J 94 Sale 914
94
95 106
140
79
1st consol gen lien g 43_1996
79 Sale 7713
J
9114
78
9918 Apr'34
Penn coil trust gold 43..1951 PA 101
7513 95
60-year cony 4s series A___1953*0 7712 Silo 76
7712 49
7313 93
28
77
Series B
6378 87
1953*0 77 Salo 76
Apr'34
75
Gen cony Is series D
103 10314
1953 A0 73
272
79
Ref & knot 5s of 1927
79 Sale 765s
10512 11018
1967 MN
Ref & !rapt 53 of 1930____1975 AO 79 Sale 76,2
79,4 447
9834 103
7
10934
8858 10212
Erie & Jersey 151 f 133____1955 ii 10934 Sale 109
5
8812 10214
Genessee River 1st St 63__1957 3 11 109 Salo 10713 109
Apr'34
44
45
974 101 12 Fla Cent & Pen 1st cons g 5a 1943 3
0312
9
9012 9812 :Florida East Coast lat 4348_1959 3D 61 Sale 61
1578 88
1974 51 S 1412 Sale 134
lot & ref is series A
9713 10112
15
49
Sale
14
99
8713
Certificates of deDOM t......
99
994
6134
66,4
8134
1112
6734
62
4812
344
33
30
2712
2914
2712
974
58
50
53
60

For footnotes see page 2720.
4

April 21 1934 1

374 5612
1234 2338
694
52
5713 77
7712,
58
6313 824
8738
88
6013 62
98
79
434 861 2
6073
39
3858 61
294 531 2
5158 7212
(35
70
•
20
29
204 3234
28
22
858 1834
al5 al5
83 101,,

-47;
-air,
5512 80
4412 62
10038 10578
10512 10918
9714 106
11134 115
724 9112
8438 104
51
62
90
994
99 101
85
981.1
1004 108%
10438 109
10412 1094
964 9658
754 953t
9213 100
981 1
80
7433 91 12
84
82
02 101
88
86,2
77
90
92
974
7378 85
99,3 101,2
9912 091,

_

8413
82
75
95
84
05
96
97

101
954
9134
101
974
81,2
101
103

-ia50
4438
44
194
18
1614
15

59
58
59
5.338
39
3212
30
29

95
10212
10:3
1011 i
5912
6113
1711 32
2378 4912
4
812
71
65
20
20
1118 Ills
84 10212
10378 1034
10212 106
234 494
8913 951
91 105
944 103
8112 90
944 96
9712
95
7912 91
69,4 79
9918 10(4
6238 7712
77
63
75
62
6014 79
794
60
98 1094
97 109
45
34
6312
59
19
11
1712
11
804
07
92
9914
3613
42

416.

New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 20.

.1.
`
ts
35
h
/44:

Price
Friday
Apr. 20.

Week's
Range or
Last Sale.

4.

ps:a_

00

Range
Since
Jan. 1.

BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 20.

L4
ts

zt
-8e.

2717
Price
FridaY
Apr. 20,

Week's
Range or
Last Sale.

Q.
g 4.
4601

Range
Since
Jan. 1.

Bid
Rail
High No, Low
Ask Low
High
(Continued)6
:Minn & St Louts 5s ctfs---1934 MN
912 91a
9,8
4
3
918
.514 Sale
151 & refunding gold 4s___1949 M S
478
53s 17
212 578
3
Ref & ext 50-yr 55 ser A._ _1962 Q F
412 3 Mar'34 -- -234 414
312 12
13
12
Q F
7
Sale
314 4
412 Feb'34 ---Certificates of deposit
118 414
M St P & SS M con g 48 lot gu'38 J 1 4634 Sale 4612
83 85
9712 83 Feb'34 ---3434 49
4814 47
1938 J .1 4238 Sale 3712
9614 10414
1st cons 5a
____ 103 Mar'34 ____
4238 40
3318 4238
let cons 55 gu as to int
5278 33
38
56
1938 3 1 52 Sale 51
1948 J J 36 Sale 35
3614
Galv Bons Sr Bend let 5s A '38 A 0 88 Sale 85
20
75 88
60
88
3614 43
let & ref 613 series A
1512 26
7
24
CM & Ala Ry lot cons ba Oct 1945.8 J 24 Sale 24
25-year 634e
20
35
1949 M S 3214 Sale 30
1612 35
Ga Caro & Nor let gu g be 1929let ref 5 As ser B
5 60
80
80
7958 79
1978 J 1 79
2014 27
Extended at 6% to July 1 1934 l J 2712 40 26 Feb'34 --let Chicago Term at 411_1941 MN 75 -- -- 85 Jan'34 ---85
88
40
5912 Mlealselppl Central let 68...._1949 3 3 80 ._ __ 77 Apr'34 ---8
5912
Georgia Midland let 3s____1946 A 0 5912 Sale 5578
7813 7718
Gouv dr Oswegatchie let 5a__1942 .1 D 85 100 100 Jan'33 ---- ---- - -9534 10018
Or R dr 1 ext let iimi g 4 Ms_ _ _1941 J .1 10118 ____ 10018 Mar'34 ---:Mo-Ill RR 1st bs ser A _ - _ _1959 1 J 23 Sale 20
23
14
61
26
Grand Trunk of Can deb 78_1940 A 0 10811 Sale 10838 109
33 105 109
72
91
Mo Kan & Tex let gold 4a 1990 1 D 9014 Sale 8914
7578 91
15-year e f 65
9012 110
1936 154 S 10614 Sale 10614 1065s 48 10258 10658 Mo-K-T RR pr lien baser A_1962 1 .1 8738 Sale 8714
70
9112
Grays Point Term let 5s_ _1947 J D 59
96 Nov'30 ---- ____ -_ _
40-year 4e series B
7812 14
6112 79
1962 1 J 7838 Sale 7712
Great Northern gen 78ser-A.1936 J J 99 Sale 99
86 9912
Prior lien 4 ais ser D
99I 420
8
8334
6318 8334
1978 1 J 8214 Sale 82
78
9858
9858 92
let & ref 4afs series A
6114 198
Cum adjust 55 ser A_Jan 1967 A 0 60 Sale 5618
4413 6212
1961 1 1 9832 Sale 9613
7612 99 :1540 Pan let & ref So ser A 1965 F A 3558 Sale 3312
9812 82
General 5348 series B
3578 43
1952 J 1 9712 Sale 9634
2518 39
___ 33 ____ 27 Apr'34 --General 5s series C
6878 9118
9118 70
1973.8 J 91 Sale 9014
22
Certificates of deposit
28
1975 M 8 1814 Sale 16
General 4348 series D
67 87
86,2 38
1112 2034
1814 440
General 4s
1976 J J 86 Sale 8534
6618 8612
General 434s series E
3658 459
1st St ref be series F
24 3814
1977 M 8 3612 Sale 3312
863e 75
1977.8 J 86 Sale 85
_ 33 ____ 3112
26
32
Green Bay & Weet deb etts A____ Feb 3212 46
2
32
32
2
33
2314 35
Certificates of deposit
Feb
let & ref 5s ser 0
6
858
Debentures Dia B
534 658 6 Mar'34 ---3658 110
1978 ifi4 3658 Sale 3334
2415 3812
_ 33 ____ 3112
9812 9912
Greenbrier Ry lst gu 4a
8
3212
9912 Mar'34 ---29
3212
Certificates of deposit
1940 MN 10014
Gulf Mob & Nor 1st 534s B_1950 A 0 861s Sale 82
Cony gold 534e
6212 8612
8612 19
1418 285
8
1949 WI'? 14 Sale 1212
1612
1st mtge 58 series C
59
81
33
81
37 218
let ref 858 series H
1950 A 0 81 Sale 7834
24
1980 A 0 37 Sale 331z
381z
F. _ 33 ____ 34 Feb'34 - Gulf &8 1 1st ref & ter 6sFeb 1952 J 65--67
70
_ 67 Feb'34 ---Certificates of deposit
.1
2318 34
Stamped (July I'33 coupon on) J J 65 80- 55 Dec'33 ------------lit & ref ba ser I
3678 507
3678 Sale 3334
2414 3812
1981
Hocking Val let cons g 434s_19993 J 10512 10612 10512 10578 14
__ 3112
9838 10578
33
26
6
Certificates of deposit_ 33
33
5 82 10012 Mo Pac 3d 7s ext a14% July 1938 1-4151 85 19 89 Apr'34 ---HousatonIc Ry cons g 58__j937 MN 9978 10012 19012 10012
7214 89
H &T C lat g 5s int guar_ _ _1937 J J 103 104 10214 Mar'34 ---91
85 Mar'34 __-97 10258 Mob & Sir Prior lien g 5a__ _1946 J J 83
85 91
J ,1 8978 Sale 85
9113 101
b
Houston Belt & Term lot 58.1937.8 .1 10034 102 10014 101
8978 14
Small
85 90
Hud & Manhat let be ser A 1957 F A 8878 Sale 8714
72 89
89 137
1st M gold 48
48
60
1945J 1 ---- 77 60 Jan'34 ---.1 .1 ---- 7238 80 Feb'34 ---55 80
Small
82 5058
4658 299
Adjustment income be Feb 1957 A 0 461,3 Sale 44
:Mobile & Ohio gen gold 48_1938 M S -- -- 9738 9912 Jan'34 -- -99
991s
98 Mar'34 ____
Illinois Central 1st gold 44_1951 J J 100
25
9214 100
21
Montgomery Div let g 58.1947 F A 25 Sale 2278
1912 27
1977 M S 1713 1812 1712
83
9212
let gold 334o
1812
Ref dr Impt 434e
10
2138
3
93- 92 Mar'34 ---1951 1 J
1938 M S 1758 20
1812
1
1812
9218 93
14
23
Sec 5% notes
Extended let gold 3ale
1951 A 0 9214 ____ 93 Mar'34 ---_ Mob & Mal 1st gu gold 44-1991 MS 8412 8814 75 Sept'33
181 8016 as sterling
1931 M 8 75____ 73 Nov'30 __-10258 10
Mont C let gu 60
6814 88
8478 20 ____8338 8334
8778 1-03
Collateral trust old 4s_ _1952 A 0 82
19373 J 102 10258 1017e
81 10114
1
let guar gold be
74 881a
8734 53
Refunding 4s
19373 1 10012 10112 10012 10012
1955 MN 8712 8812 8634
8034 Morris & Essex let gu 3%9_2000 J D 8838 Sale 8838
5 63
8913 48
80
7915
Purchased lines 374s
81
7414 8012
1952 J .1 77
1955 MN 10158 Sale 101
10158 12
Constr M Sneer A
6212 7958
79 105
77 10155
Collateral trust gold 4a
1953 MN 7814 Sale 7758
73 95
54
95
1958 M N 9478 Sale 9434
81
9812
9814 62
Constr M 4348 ser B
Refunding 58
1955 M N 8712 8814 97
90 10213
15-Year secured 6SO g_ _ _ _1936 J 1 10134 Sale 10134 10213 39
9412 9412 Apr'34 __-40-year 4 he
7612 282
8212 9412
5812 7812 Nub Chatt & St L 48 eer A _ _1978 F A 92
Aug 1 1966 F A 7412 Sale 7334
10232 10432
Cairo Bridge gold 4s
96 Apr'34 ---4 99 10458
N Fla & 81st gu g ba
87 98
1937 F A 10212
19503 D 96
__
Nat Ry of Mex pr lien 4543_1957 i ------___ 18 July'28 ---- ____
75 80
Litchfield Div 1st gold 3E5_1951 1 .1 7712 __ 75 Mar'34 ---37a
Louley Div & Term g 335s 1953.8 .1 8578 Sale 84
414 19
Assent cash war rct No 4 on - , 414 Sale
212 _-414
4
857
76 857s
73
73
73 Mar'34 ___,
Guar 48 Apr '14 coupon-1977 A0
Omaha Div 1st gold 3a. _1951 F A 71
76
__
37s 412 1234 July'31 --- ____
-St Louis Div & Term g 3..,195l1 3
Assent cash war rct No 5 on ---- - - -- ---- 4 Apr'34 ---21s _-4
J 73
78 81
75
75
Nat RR Mex pr lien 430 Oct '26
Gold 334s
85
2 69
11
85
55
1951 J J 8212 Sale
76
712 458
Assent cash war rct No 4 on- , 4
87 80
Springfield Div 1st g 3549_1951 J J 84 ____ 80 Mar'34 ---434
234 5
6
1981 A--0 --------22 Apr'28 -----------lot consol 45
Western Lines let g 4a_ _1951 F A 86 ____ 8612 M'34
---ar
76 8812
Ill Cent and ChM St L & N-05
2
37s
418 15
378 Sale
Assent cash war rot No 4 on ,-82
7113 Nov'32 --_- ____
Joint 1st ref be aeries A
__
87 Naugatuck RR let 848
1954 m N 65
8678 112 68
1963 J D 8514 Sale 85
let & ref 4a
4348series C
80 -87
New England RR cons ba__ A945 J J 8614 ____ 87 Mar'34 _--153 62 81
81
1963 .1 D 7978 Sale 79
8215
8212
I
Consol guar 40
66
8212
Ind Bloom & West 1st ext 451940 A 0 93
-- 8212 Feb'34 ---, 8212 8212
168
52 -92
95 9712 NJ Junction KR guar 181 43 198
j 84
F A
57
- 95 Feb'34 _ _ _
946
72
Ind Ill & Iowa let g 4s
86
92 New On Great Nor Is A __ _ 1983 J 1 75
76
5712 7534
7534 31
1
92
1950 1 J 9258 1412 92
Ind & Louisville let gu 4e
26
25
NO & NE let ref&Impt4%a A '52 1 J 75 Sale 7114
75
64
75
25
25 25 Feb'34 _ _
1956 J J 17
8458
88
8438
.1
Ind Union Ry gen lis ser A_ _1965 J J 10212 ___ 10214 10214
8412
New
J
Orleans
48.....1953
103
5 6234 8578
9812
Term 1st
5
190
_
103 :N
Gen & re be series B
2758
NO Tex & Mex n-o Inc 58.1935 A 0 275a Sale 2758
1
16
2934
19853 J 10412 __ _ _ 103 Mar'34
:Int-Grt Nor lst 641 ser A_ 1952 J J 4112 Sale 3918
114
30
1954 A 0 30 Sale 27
1958 32
1st 55 series B
2834 4412
4112 ibi
1228 F A 2934 Sale 28
27
30
Adjustment (ls ser A_July 1962 A 0 14 Sale 1214
2038 33
lst bs series C